BofA Clients Offload Communication Services at Record Pace Following Meta and Alphabet Declines

Bank of America clients dumped communication services stocks at a record pace, marking the sector's largest single-week outflow since its September 2018 creation. Retail investors and hedge funds drove $3.5 billion in single-stock net sales overall as the S&P 500 declined 0.5%, whereas institutional clients were net buyers and equity ETFs absorbed $2.3 billion. The sector pullout followed a 15.5% drop in Meta Platforms shares to $612.49 amid $34.9 billion in Q3 capex and negative free cash flow, alongside an after-hours slide in Alphabet.