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The technology sector <.SPLRCT> has been the best performing on
the S&P 500 this year, up more than 25 percent, far outpacing
the broader index's <.SPX> 11.7 percent growth.
Tech stocks surged last Friday after two days of declines,
helped by a 1 percent rise in Apple Inc <AAPL.O>, its first
gains since the launch of its iPhone X.
Nvidia <NVDA.O> led a rise in chipmakers, jumping over 6 percent
to a record high as analysts noted the semiconductor firm's
forays into artificial intelligence, cloud computing and
self-driving cars.
BAML said the flows into the tech sector were second only to
those in late January 2017. Overall, equities attracted $2.7
billion, their fifth straight week of inflows.
The bank's analysts noted a rotation into more cyclical sectors,
with financials attracting $1.1 billion, their largest inflows
in seven weeks, and materials $300 million, a 26-week peak.
Emerging markets continued to attract the lion's share of equity
flows, pulling in $2 billion, compared with $1.8 billion for
European stocks.
Emerging market stocks lead the bank's league table of
cross-asset winners, returning almost 32 percent year-to-date,
while European equities are second with 23.2 percent.
Investors withdrew $300 million from U.S. stocks, and $1.4
billion from Japanese equities - their first outflows in 10
weeks.
Bonds attracted $5.6 billion in total, with investors putting
$4.3 billion into investment grade bonds and $1.3 billion into
emerging debt. Government bond and Treasury funds suffered their
first outflows in six weeks, with redemptions of $500 million.
(Reporting by Claire Milhench; editing by John Stonestreet)
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