BofA says clients net‑sold U.S. equities for a second consecutive week, withdrawing $3.5bn last week after $15bn the prior week. Retail investors were the primary sellers, the bank’s analysts said. Communication services — including telecoms and large media/tech names such as Meta — recorded the largest outflow, the biggest single‑week withdrawal since records began in 2018. Industrials posted the second‑largest outflow and logged a 13th straight week of net redemptions.