US stock funds experience their first outflow in three months, with technology sector leading the decline

Bank of America cited EPFR Global data showing that as of the week ending June 24th, US stock funds had an outflow of $8.5 billion, marking the first capital outflow in three months. Technology sector funds led the decline, with an outflow of $9.3 billion. The Bank of America team led by Michael Hartnett pointed out that technology funds had flowed in $19.2 billion the previous week. The S&P 500 index fell from its historical high, and Apple's stock price fell. Micron Technology's sales outlook alleviates some concerns. The overall redemption of stock funds was $5 billion, and the outflow of money market funds was $25.5 billion. European funds have flowed out for 11 consecutive weeks. Fixed income funds absorbed $16.6 billion in funds.