U.S.-based stock funds shed $7.1 billion in the week ended on Wednesday, even as Wall Street’s main indexes extended a rally deeper into record territory, according to Lipper.
Mutual fund investors appear to have cashed in on stocks as the S&P 500 .SPX rose to an all-time high on Wednesday. That extended a string of records after the S&P last Wednesday first broke above its precoronavirus peak from Feb. 21.
For the two weeks, domestic equity funds had outflows of $16.4 billion.
The Nasdaq .IXIC likewise has set a series of record highs in recent weeks as technology and work-from-home companies outperformed during the pandemic's economic and market crisis.
At the same time, investors moved into U.S. taxable bond funds for the twentieth straight week. They attracted $8.7 billion, the Lipper data released on Thursday showed, while money market funds shed $4.6 billion during the week.
Municipal bond funds attracted $1 billion, their sixteenth straight inflow.