BofA clients net sold $18.5 billion in US stocks over the past two weeks.

BlockBeats news, October 28: Bank of America clients net sold $3.5 billion in US stocks last week, following an outflow of $15 billion the previous week.

According to Bank of America analysts Jill Carey Hall and Trey Brown, retail investors led the selloff. The communication services sector recorded its largest weekly outflow since tracking began in 2018, impacting the industry including Meta. The industrials sector also faced heavy selling, marking the 13th consecutive week of outflows.