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Big investors sold tech stocks ahead of key earnings reports, Bank of America says

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Bank of America clients sold a record amount of single stock positions last week.

Some of the market's biggest investors were taking risk off the table ahead of this week's busy slate of earnings reports and a Federal Reserve meeting, according to Bank of America. Strategist Jill Carey Hall said in a note to clients on Tuesday that last week the bank's clients sold historically high amounts of individual stocks. "Last week , clients were big net sellers of US equities after buying equities the prior three weeks.

had the longest buying streak of any sector ," the note said. Selling in those two areas is notable as they include many of the stocks that have driven this year's market rally. The Technology Select Sector SPDR Fund , for example, is up more than 40% for the year. XLK YTD mountain Tech sector funds like the XLK are outperforming in 2023. Several of the biggest tech and communications companies have earnings reports this week.

 

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