Bank of America: Institutional clients selling technology stocks have become the main net sellers of US stocks for the fourth consecutive week.

Bank of America Securities strategist Jill Carey Hall pointed out in a report that as customers reduce their holdings in technology stocks, they have become the "major net sellers" of US stocks for the fourth consecutive week. The bank's clients sold stocks in 9 out of the 11 sectors of the S&P 500 index last week, with the technology and financial sectors hit the hardest. Hall cited customer data as of the week ending June 26, stating that the four-week average net inflow of funds into the technology sector has dropped to its lowest level in history. Following a record outflow of funds the previous week, institutional clients have been selling stocks for four consecutive weeks. The four-week rolling average net inflow of funds into US stocks is also at a historic low.