US equity funds suffer sixth weekly outflows in a row
June 27 (Reuters) - U.S. equity funds suffered outflows for a sixth straight week through June 25 as investors took profits near record highs and stayed on edge ahead of key growth and inflation data.
According to LSEG Lipper data, investors withdrew a net $20.48 billion from U.S. equity funds during the week, posting their largest weekly net sales since March 19.
The S&P 500 index (.SPX), opens new tab has gained approximately 2.9% so far this week and is hovering near a record 6147.43 hit on February 19, as a ceasefire between Israel and Iran bolstered sentiment.
Investors ditched U.S. multi-cap, small-cap and mid-cap funds worth $5.65 billion, $2.34 billion and $1.39 billion, respectively during the week. Large-cap funds, however, saw a net $1.3 billion in weekly purchases.
U.S. sectoral funds logged a net $1.98 billion weekly outflow following four weeks of net inflows.
The tech, gold and precious metals equity sectoral funds saw $1.8 billion and $443 million worth of weekly net disposals.
Money market funds, meanwhile, witnessed renewed buying interest following two weeks of outflows as they received about $10.95 billion in net investments.
U.S. bond funds saw the strongest buying interest in four weeks as investors added a net $6.83 billion in weekly inflows to these funds.
The general domestic taxable fixed income funds, short-to-intermediate investment-grade funds and inflation-protected funds stood out with $1.55 billion, $1.18 billion and $680 million, respectively, in net purchases.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
34 minutes ago
- Daily Mail
BREAKING NEWS Canada brutally hits back at Trump's tariffs ultimatum with huge hike that could cripple struggling US industry
After President Donald Trump shut down all trade talks with Canada, the country retaliated by hiking duties on American steel imports. Canada imposed an import quota late Friday and if it is exceeded, certain American steel sent to the country will face a new 50 percent surcharge. Canada's Finance Minister, François-Philippe Champagne, said the government was acting to protect domestic industry from 'unjust US tariffs,' NBC News reported. The response came hours after Trump posted on Truth Social about how Canada is a 'very difficult country to trade with.' His reason for suspending trade negotiations came down to a tax Canada is set to impose on major tech companies starting Monday. 'Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,' Trump wrote, adding that the levy 'is a direct and blatant attack on our Country.' Last week, the finance minister said he would not delay the implementation of the digital services tax, which applies to any firm making more than $15 million from Canadian internet users. The three percent tax will strike at the heart of American companies like Amazon, Google, Meta, Uber and Airbnb. Canada's response came hours after President Donald Trump made this post criticizing the country for levying a usage tax on American tech companies And because the tax is retroactive back to 2022, one tech lobbying group said American firms will soon have to pay up to $3 billion directly into Canada's treasury. Canada has not ruled out further action to strike back at Trump for ending negotiations, with the government saying it 'remains prepared to take additional steps as needed.' How Canada's hike on US steel imports will affect the industry, which has been struggling for years, is yet to be seen. US Steel Corporation, once one of the most valuable companies in the world, just merged with Japan's Nippon Steel earlier this month after years of declining sales. Canada remains the second largest trading partner of the US, despite all the trade turmoil. Right now, the US has 25 percent tariff on Canadian imports that aren't covered by the US-Mexico-Canada Agreement (USMCA), the trade deal Trump signed in his first term. Canadian energy is exempt from the 25 percent rate but is still tariffed at 10 percent, as are most products that have entered the US since early April. Canada is also hugely impacted by Trump's 50 percent tax on steel and aluminum imports, as the country is largest foreign supplier of those materials to the US. Canada's steel industry has laid off a staggering 1,000 workers since the first US tariffs in March, Reuters reported. It has also been impacted by the 25 percent duties Trump has levied on foreign-made vehicles and parts. This comes as the US rapidly approaches Trump's July 9 deadline to renegotiate trade with countries around the world so they can avoid so-called reciprocal tariffs. Trump first announced the reciprocal tariffs on April 2, which he dubbed 'Liberation Day.' More than 60 countries were hit with import charges of as much as 50 percent. The announcement from the White House led to widespread market panic and falling bond values, which led to Trump enacting a 90-day pause on April 9. Treasury Secretary Scott Bessent said early Friday that the pause could be extended to Labor Day - and that country-by-country tariffs could be negotiated down in that time. Hours later, Trump echoed a similar sentiment. He said the initial July 9 deadline was not set in stone and could shortened or extended.
Daily Mail
34 minutes ago
- Daily Mail
BREAKING NEWS Warren Buffett gives away staggering $6 BILLION
Billionaire Warren Buffett announced that he'll be giving away an additional $6 billion of his company's stock to five different charities, one of which is run by Bill Gates. Buffett, still worth $152 billion, is donating upwards of 12 million shares of Berkshire Hathaway stock to the Gates Foundation and four other foundations controlled by his wife and three children. This marks his biggest charitable contribution since 2006, when he pledged he'd give away the bulk of his fortune before he died. The 94-year-old investor is giving 9.43 million Berkshire Hathaway shares to the Gates Foundation. Another 943,384 shares are being directed to the Susan Thompson Buffett Foundation, the organization named for his wife, who died in 2004. Finally, another 660,366 shares will sent to each of the three charities led respectively by his children Howard, Susie, and Peter: the Howard G. Buffett Foundation, Sherwood Foundation and NoVo Foundation. The donations will be officially made on Monday. Buffett converted 8,239 class A shares - each worth a staggering $730,000 - into 12,358,500 class B shares. The vast majority of those newly created class B shares - worth about $485 apiece - were donated to the five foundations Buffett has been consistently donating to for decades.
Reuters
39 minutes ago
- Reuters
G7 strikes deal to shield US multinationals from higher global taxes, FT reports
June 28 (Reuters) - The G7 has reached an agreement that would exempt U.S. multinational companies from paying more corporate tax overseas, the Financial Times reported on Saturday, citing people familiar with the discussions. The deal, backed by Washington and other G7 members, would allow U.S. companies to avoid certain overseas taxes due to levies already paid in the United States, the report said.
