2024-03-09 16:33:38
Investors dumped technology stocks at the fastest pace ever, and continued to pour money into investment-grade bonds and cash equivalents, during the week ending last Wednesday.
According to data issued by Bank of America, $4.4 billion exited technology stocks last week, which is the largest exit ever, and the first exit in 9 weeks.
This period includes the week ending March 6, the day that marked the sharp decline in US technology stocks.
That session witnessed a decline in Apple shares by regarding 2.8%, following a report showed a decline in iPhone sales in China by regarding 24% in the first month and a half of 2024.
While cash received inflows worth $32 billion, while $13.3 billion went toward investment bonds, the largest pace since September 2020.
Aside from technology stocks, total stocks received inflows worth $6.9 billion last week, for the seventh week in a row.
While flows to real estate stocks recorded $1.2 billion, the highest level in two years, and at the level of flows towards cryptocurrency funds, they reached $1.9 billion, with Bitcoin soaring to record levels.
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