BofA clients were net sellers of stocks for the second consecutive week

Bank of America clients engaged in a second straight week of U.S. equity outflows, according to data released by the financial giant. The selloff took place last week, when the S&P 500 (SP500) finished almost flat.

BofA’s equity and The Quantitative Strategy team revealed on Wednesday that clients have taken money out of individual stocks and ETFs over the past week of trading. In total, customers withdrew $2.3 billion during the week.

Clients found themselves net sellers of stocks in nine of the 11 S&P sectors. This was led by real estate and industrials. Additionally, outflows from the real estate sector were the largest since July 2021 as concerns swirl around commercial real estate.

As for ETFs, the category saw its largest outflows since January. This trend was seen across a diverse group of funds, including growth, value and blend names. From an industry perspective, the largest ETF outflows came from communication services (NYSEARC:XLC) and Industrial (NYSEARC:XLI). At the same time, the energy (NYSEARC:XLE) and Technical (NYSEARC:XLK) ETFs record the largest inflows.

In broader financial news, major market averages rose Wednesday morning after the latest CPI data showed that consumer inflation eased in March.