BofA Clients Turn Cautious, Flee From Stocks on Recession Risks
- Technology funds still see inflows despite pullback this week
- Hartnett says hard-landing risk remains high as yields rise
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Bank of America Corp.’s clients are fleeing equities as the risk of an economic contraction remains high, strategist Michael Hartnett said.
Private clients were net sellers of stocks for a second straight week in the five days through Aug. 2, while bond purchases were the strongest since October in the past two weeks, according to a note from the bank.