Bank of America clients sold U.S. equities for a seventh consecutive week, with institutional outflows hitting a record high. The selling was driven by a $6.4 billion exodus from single stocks, though ETF activity was muted. Hedge funds bucked the trend, buying for a fifth straight week.

This persistent selling pressure signals deepening caution among large investors. Financials saw the largest outflows in BofA's history, while Technology extended its selling streak. Notably, Consumer Staples attracted record inflows, and small-cap stocks saw positive flows, suggesting a defensive rotation is underway.

The slowdown in corporate buybacks is another key data point. While the four-week average remains elevated, buybacks as a share of market cap are at their lowest since early 2024. Investors will watch if this trend continues, as it could further reduce a key source of market support.