Bank of America’s data reveals a surge in institutional buying of US stocks last week, marking one of the most significant inflows since the 2008 financial crisis and signalling a shifting market dynamic driven by large-scale repositioning and ETF activity.
Bank of America’s client flow data show institutional investors ramped up purchases of US equities last week, producing one of the strongest weekly buying totals since the 2008 financial crisis and helping lift the S&P 500. According to the original report, strategist Jill Carey Hall described the activity as “near-record buying by institutional clients,” noting it was the third‑highest weekly total since 2008 and the strongest since early 2023 when measured against market capitalisation.
The buying was broad‑based. Single‑stock inflows returned to positive territory, with about $0.9bn in net purchases, while equity ETFs recorded roughly $3.5bn of inflows , the seventh consecutive week of ETF buying. Industry data in the report shows demand spanned large caps and small/micro caps, even as mid‑caps continued to see outflows for a fifth week.
Sector rotation was evident. Technology and Industrials posted the largest inflows, reversing a multi‑week run of Tech selling, and Utilities, Real Estate and Staples also attracted buyer interest. By contrast, Communication Services endured the heaviest outflows for a fourth straight week; Hall flagged that the rolling four‑week average is now “the most negative in the sector’s history since 2018.” Financials and Energy also saw net selling.
Client types diverged. Institutional clients were the prime drivers of last week’s purchases, while hedge funds shifted to net selling after two weeks of buying. Private clients, who have been among the most consistent buyers earlier this year, extended a selling streak to four weeks , the longest such run since August 2024, the report noted.
The report also highlighted a slowdown in corporate buyback activity: trailing 52‑week buybacks as a share of market capitalisation have been declining since March, reducing one structural source of demand. ETF flows remained a key source of liquidity, with Growth funds outpacing Value for the first time in three weeks and Health Care and Tech ETFs drawing the largest sector inflows; Staples and Consumer Discretionary ETFs saw the biggest outflows.
Taken together, the flows paint a market driven by institution‑led repositioning and heavy ETF participation, even as pockets of the market and some client groups continue to sell. The company said in the client note that these patterns have shifted week to week this year, underscoring a fluid backdrop for equity demand.
- https://www.investing.com/news/stock-market-news/bofa-institutional-clients-logged-nearrecord-buying-of-us-equities-last-week-4388432 – Please view link – unable to able to access data
- https://www.investing.com/news/stock-market-news/bofa-institutional-clients-logged-nearrecord-buying-of-us-equities-last-week-4388432 – Bank of America’s institutional clients significantly increased their purchases of U.S. equities last week, marking one of the strongest buying weeks since the financial crisis. The S&P 500 rose 3.7% during this period. Strategist Jill Carey Hall highlighted that this was the third-highest weekly total since 2008 and the strongest since early 2023 when measured against market cap. The buying was driven by single-stock inflows of $0.9 billion and equity ETFs adding another $3.5 billion, marking a seventh consecutive week of inflows. In contrast, hedge funds turned to selling after two weeks of buying, and private clients extended their selling streak to four weeks, the longest since August 2024. The buying trend was broad-based across market cap segments, with clients purchasing both large and small/micro caps, while mid caps saw a fifth straight week of outflows. Sector-wise, Technology and Industrials recorded the biggest inflows, reversing a six-week stretch of Technology selling. Utilities, Real Estate, and Staples also drew interest. Communication Services posted the heaviest outflows for a fourth week, with the rolling four-week average now being the most negative in the sector’s history since 2018. Financials and Energy followed with additional outflows. ETF demand was broad, with buying across size categories and major styles. Growth funds outpaced Value for the first time in three weeks. Health Care and Technology ETFs drew the largest sector inflows, while Staples and Consumer Discretionary ETFs saw the biggest outflows.
- https://www.investing.com/news/stock-market-news/institutional-clients-power-nearrecord-week-of-equities-buying-bofa-4184925 – Bank of America Securities reported that institutional clients drove a near-record week of U.S. equity purchases, contributing to the second consecutive week of inflows across all major client groups. Clients bought $4.3 billion in single stocks, the largest in two years, alongside $1.6 billion in exchange-traded funds (ETFs), marking the biggest ETF inflows in six weeks. Large caps saw the heaviest buying since March, while mid caps recorded a fourth straight week of inflows. Strategist Jill Carey Hall noted that net purchases by institutional clients were the biggest since last September and the 10th-largest in history since 2008. Private clients extended their buying streak to six consecutive weeks and have been net buyers in 33 of the past 35 weeks.
- https://www.investing.com/news/stock-market-news/2025-has-seen-record-startofyear-buying-streak-from-bofas-private-clients-3904992 – Bank of America’s private clients have initiated 2025 with a record buying streak, marking the longest start-of-year trend in the firm’s data since 2008. Last week, clients remained net buyers of U.S. equities, adding $2.5 billion for the fifth consecutive week. Single stocks continued to see strong demand for the eighth straight week, while ETFs were net sold. Private clients extended their buying streak to 12 consecutive weeks, a historic run for this time of year. Strategist Jill Carey Hall mentioned that the latest annual GWIM Survey suggested rising private client equity allocations and bullishness by advisors on the market and economy. Institutional clients, after buying the previous week, turned into the biggest sellers, while hedge funds sold U.S. equities for the third consecutive week.
- https://www.investing.com/news/stock-market-news/bofa-client-flows-retail-and-corporates-continue-to-buy-equities-3877177 – Bank of America reported that its clients bought U.S. equities for the third consecutive week, adding $2.2 billion. The S&P 500 gained 1.5% during the week following two weeks of declines. Both single stocks and exchange-traded funds (ETFs) saw inflows, with individual stock purchases extending to a sixth consecutive week and ETF buying continuing for a second week. Private clients remained consistent buyers for the tenth straight week, while institutional and hedge fund clients were net sellers. Strategist Jill Carey Hall noted that private clients are typically big net buyers in January, but the recent buying streak is the longest of any start-of-year since 2022, with inflows across most sectors, except Technology and Consumer Discretionary. Meanwhile, institutional and hedge fund clients have been selling equities for most of 2025.
- https://www.investing.com/news/stock-market-news/institutional-clients-are-buying-the-dip-in-stocks-says-bofa-4350861 – Institutional investors stepped in to ‘buy the dip’ in U.S. equities last week, according to Bank of America, as exchange-traded fund (ETF) inflows surged to near-record levels despite continued weakness in single-stock trading. BofA analyst Jill Carey Hall said clients were ‘net buyers of U.S. equities, led by near-record buying of ETFs ($4.3 billion; largest since December 2022)’ even as they pulled $2.6 billion from individual stocks. The S&P 500 fell 1.6% over the same period. Clients sold stocks across all size segments but were net buyers of large and small caps overall due to ETF buying. Institutional clients were the sole net buyers after selling the prior week, while hedge funds and retail investors turned net sellers. Historically, retail clients have been the most persistent dip-buyers, particularly since 2020, but BofA stated that institutional clients have begun buying dips this year.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
9
Notes:
The narrative was published on December 3, 2025, and has not been found in earlier publications. The content appears original and timely.
Quotes check
Score:
9
Notes:
The direct quote from strategist Jill Carey Hall, “near-record buying by institutional clients,” matches the phrasing used in the original report. No earlier instances of this exact quote were found, suggesting originality.
Source reliability
Score:
8
Notes:
The narrative originates from Investing.com, a reputable financial news outlet. The report cites Bank of America’s internal data and includes insights from strategist Jill Carey Hall, who is a director and Head of US Small and Mid-Cap Strategy at Bank of America Global Research. ([cfadc.org](https://cfadc.org/wp-content/uploads/2021/05/Jill-Hall-CFA.pdf?utm_source=openai))
Plausability check
Score:
9
Notes:
The claims about institutional clients’ near-record buying of U.S. equities align with recent market trends and are consistent with Bank of America’s previous reports. The narrative provides specific figures and context, enhancing its credibility.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is original, timely, and supported by credible sources. The direct quote from Jill Carey Hall matches the original report, and the claims are consistent with recent market trends and Bank of America’s data. No significant issues were identified.