BofA analysts said in their note on client equity flow trends on Tuesday that last week saw the biggest retail outflows in 13 weeks.
Last week, BofA clients were net sellers of U.S. equities for the first time in three weeks, revealed the analysts.
"Single stocks saw outflows for the first time in three weeks and ETFs saw inflows for the third straight week. Equities saw outflows across size segments," they wrote.
Meanwhile, BofA's private clients were net sellers for a tenth consecutive week, while institutional and hedge fund clients were both net buyers for the third consecutive week.
Technology stocks led the outflows, said the analysts. However, while tech has still seen the biggest cumulative inflows YTD, outflows from the sector last week were the largest in a year — led by institutional and retail selling.
"Positioning data suggest active investors are now equal-weight tech," added the analysts. "Financials/Comm. Svcs. saw the biggest inflows (with both seeing inflows for four consecutive weeks)."