Bank of America: U.S. Equity Funds See $8.5 Billion Outflow in Week Ending June 24

U.S. stock funds recorded $8.5 billion in outflows in the week ending June 24, marking the first weekly withdrawal in three months, Bank of America said in a report citing EPFR Global data. According to ChainCatcher, the report said technology-sector funds led the declines, posting a record $9.3 billion outflow. Bank of America added that Wall Street was shaken by selling in large-cap technology stocks, and noted the S&P 500 has pulled back from its record high. The report also said overall equity fund redemptions totaled $5.0 billion during the week, while money market funds saw $25.5 billion in outflows.