S&P 500 Trades At Record Highs – Why Are These Investors Selling The Rally?

Benzinga_recent_news04-22 22:05

Something unusual is happening in one the most aggressive U.S. stock rallies in years. Last week, the S&P 500 – as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) – notched its strongest weekly gain...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2629040888?lang=en_US&edition=fundamental","thumbnail":"https://cdn.benzinga.com/files/images/story/2026/04/22/SP-500.jpeg?optimize=medium&dpr=2&auto=webp&width=240","is_english":true,"pubTime":"2026-04-22 22:05","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2629040888","market":"hk","top_or_hot":-1,"title":"S&P 500 Trades At Record Highs – Why Are These Investors Selling The Rally?","media":"Benzinga_recent_news","content":"<div>\n<p>Something unusual is happening in one the most aggressive U.S. stock rallies in years. \nLast week, the S&P 500 – as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) – notched its strongest weekly gain...</p>\n\n<a href=\"https://www.benzinga.com/markets/equities/26/04/51969732/bofa-clients-sold-sp500-rally-bought-energy-etfs-record\">Source Link</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 Trades At Record Highs – Why Are These Investors Selling The Rally?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 Trades At Record Highs – Why Are These Investors Selling The Rally?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-22 22:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/equities/26/04/51969732/bofa-clients-sold-sp500-rally-bought-energy-etfs-record><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Something unusual is happening in one the most aggressive U.S. stock rallies in years. \nLast week, the S&P 500 – as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) – notched its strongest weekly gain...</p>\n\n<a href=\"https://www.benzinga.com/markets/equities/26/04/51969732/bofa-clients-sold-sp500-rally-bought-energy-etfs-record\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.benzinga.com/markets/equities/26/04/51969732/bofa-clients-sold-sp500-rally-bought-energy-etfs-record","article_id":"2629040888","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/04/22/SP-500.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/markets/equities/26/04/51969732/bofa-clients-sold-sp500-rally-bought-energy-etfs-record","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2629040888","pubTimestamp":1776866700,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"BofA clients were net sellers for a 5th straight week as the S&P 500 hit 7,126. They piled into Energy ETFs at the fastest pace since 2021.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"标普500股价创历史新高——为什么这些投资者逢高抛售？","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/cc2fa0dffcb2b420f97066fac7342c13","symbols_score_info":{"SFY":0.6,"SSO":0.6,"OEF":0.6,"SPXU":0.6,"ITOT":0.6,"SPUS":0.6,"VBK":0.6,"UPRO":0.6,"SPDN":0.6,".SPX":1.91,"IVW":0.6,"SCHB":0.6,"VTI":0.6,"TSPY":0.6,"ETFT":0.6,"SH":0.6,"MESmain":0.6,"SPMO":0.6,"SPGP":0.6,"IVE":0.6,"SPYU":0.6,"BMAY":0.6,"IVV":0.6,"HIBS":0.6,"SCHX":0.6,"VEU":0.6,"HIBL":0.6,"SPY":1.91,"YSPY":0.6,"SPHD":0.6,"DBSC":0.6,"SPHQ":0.6,"SPXL":0.6,"GPIX":0.6,"SPYQ":0.6,"VTV":0.6,"GSLC":0.6,"SPYV":0.6,"VV":0.6,"SPYD":0.6,"XLG":0.6,"IJH":0.6,"SPYG":0.6,"XYLD":0.6,"RSP":0.6,"SPLV":0.6,"ESmain":0.6,"MOAT":0.6,"SPXS":0.6,"SPUU":0.6,"XDTE":0.6,"NOBL":0.6,"ACWI":0.6,"OEX":0.6,"SPYI":0.6,"JEPI":0.6,"SPYM":0.6,"SDS":0.6,"ALLW":0.6,"IJR":0.6},"content_text":"Something unusual is happening in one the most aggressive U.S. stock rallies in years. \nLast week, the S&P 500 – as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) – notched its strongest weekly gain since May 2025. Professional investors spent it selling.\nBank of America clients were net sellers of U.S. equities for the week ending April 17, with single-stock outflows reaching $5.1 billion — the fifth straight week of outflows, according to a report released Wednesday. \nInstitutional clients drove most of the selling with $5.2 billion in single-stock sales. Private clients sold for the sixth week in a row, the longest streak since February 2024. \nOnly hedge funds bought, with their second week of inflows and the biggest net purchase in four months.\nThe S&P 500 rose 4.5% over those five trading days, closing at a new all-time high of 7,126.06 on Friday. It was the index’s best week since May 2025. \nThe data reveals a sharp inversion of what BofA captured just one month earlier. \nIn the week ending March 20, with the S&P 500 down 5.8% on Iran war fears, clients had dumped $8.3 billion in single stocks — but simultaneously poured a record $4.6 billion into Technology shares, the largest weekly Tech inflow in the 17-year history of the dataset.\nRead also: Investors Dump US Stocks Like It’s 2008 Again — But Pile Into This Sector At A Record Pace\nThat conviction has now unwound.\nInstitutional investors are now buying Energy ETFs into the teeth of an oil crash.\nBrent crude fell 12.6% on Friday alone, to $86.84 a barrel. WTI plummeted 15.75% to $79.78. Iran had reopened the Strait of Hormuz that afternoon after declaring it “completely open” to commercial traffic. \nOne group kept buying. BofA hedge fund clients were net buyers of U.S. equities for the second straight week, with $2.1 billion in net purchases — the biggest weekly hedge fund inflow in four months. \nThey bought both single stocks and ETFs, with Tech, Energy and Consumer Discretionary the top sectoral targets.\nHedge funds tend to be faster, more tactical and more willing to chase momentum than pensions, endowments and mutual funds. \nTheir buying alongside institutional selling is a classic late-cycle divergence: the fast money chases the breakout while the slow money quietly rotates out.\nThe rally that institutional money sold into was one of the most aggressive in recent memory. \nAnd yet the flow data shows BofA clients selling roughly $1.5 billion more than they bought when counting both stocks and equity ETFs. Institutional clients drove almost all of it. \nThe 4-week rolling average of U.S. equity flows is now at negative $1.6 billion.\nThe hesitation has a reason. The S&P 500’s forward 12-month P/E ratio is now 20.9, above both the 5-year (19.9) and 10-year (18.9) averages. The rally has run faster than earnings estimates have risen to support it.\nCorporate buybacks are also running colder than usual. Buyback flows as a percentage of S&P 500 market cap have been tracking below the post-GFC average most weeks this year, and particularly below seasonal levels in the first three weeks of earnings season, when they typically accelerate. \nBuybacks have slowed most notably in Tech, even as they’ve picked up in Financials and Energy.\nIn other words, the two biggest natural buyers of U.S. stocks — institutional clients and corporations themselves — are both stepping back as the index prints new highs.\nPhoto: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2629040888","isCrawlerRequest":true}