Investors pulled nearly US$3.3 billion out of mutual funds and exchange-traded funds that hold U.S. stocks last week, snapping the longest streak of asset gains since July, according to data released Wednesday by the Investment Company Institute.
FILE PHOTO: A trader works on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020. REUTERS/Lucas JacksonNEW YORK: Investors pulled nearly US$3.3 billion out of mutual funds and exchange-traded funds that hold U.S. stocks last week, snapping the longest streak of asset gains since July, according to data released Wednesday by the Investment Company Institute.
The pullback from the U.S. equity market came during a week in which companies such as Apple Inc said the coronavirus outbreak, now known as covid-19, will likely affect its quarterly results and could weigh on its supply chain.Concerns about the global economic impact of the virus helped push the benchmark S&P 500 down nearly 7.3per cent since Feb 19, according to Refinitiv data. The index is now down nearly 3per cent since the start of the year.Fixed income funds garnered nearly US$14.
World stock funds, meanwhile, added slightly more than US$3.5 billion in new assets, continuing a wining streak that began in mid-December.