US stocks see 3rd-biggest outflow in history as investors flee tech

  • Extreme times call for extreme moves, Bank of America said on Friday as it detailed investment fund flows in and out of key market sectors.
  • US stocks suffered their third-largest ever outflow of funds, with investors pulling $25.8 billion out of equities in the past week, BofA said.
  • Technology stocks, which have led the market lower since the stock market hit record highs on September 2, suffered their biggest fund flow redemption since June of 2019, according to BofA.
  • The September stock market correction is part of a “topping process,” but don’t expect a big bearish move when the Fed continues to implement easy monetary policies, BofA said.
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Investors, skittish about rising COVID-19 cases and a lack of additional fiscal stimulus from Congress, pulled funds out of US stocks at the third-fastest pace ever over the past week, according to

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