BofA analysts said in their "flow show" note Tuesday that there were muted outflows last week following a previous "big week of selling."
Last week, the firm's clients were small net sellers of U.S. equities following the largest weekly outflow since November 2020.
"While clients have purchased stocks vs sold ETFs most of this year, clients sold stocks vs. bought ETFs for a second consecutive week," said the analysts.
"All major client groups were net sellers, led by private clients (first outflows in two weeks). Hedge funds and institutional clients both sold for the second week," they added.
The analysts also noted that Corp. client buybacks picked up slightly but remained muted, commenting that "buybacks have been tracking below seasonal trends since May even though they typically pick up at this time as earnings season gets underway."
"Buybacks could be one of the biggest casualties of tighter credit," declared the analysts.