Big Wall Street Investors Chased Tech During GameStop Retail Frenzy – BofA By Reuters

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© Reuters. FILE PHOTO: A Wall Street sign is displayed outside the New York Stock Exchange in New York City.

LONDON (Reuters) – Deep-pocketed investors injected a record $ 4.2 billion into big tech stocks last week, BofA flow data showed on Friday, capitalizing on the slight pullback on Wall Street while retail traders were busy. buying stocks like GameStop (NYSE :). An army of retail investors went head-to-head with Wall Street professionals last month buying stocks that were heavily shorted by hedge funds. In the fight, some funds had to sell their long positions to cover losses, causing broader drops in share prices. “The zeitgeist of a large customer in the last 2 weeks has been unambiguously to buy FAANMG (Facebook (NASDAQ :), Amazon (NASDAQ :), Apple (NASDAQ :), Netflix (NASDAQ :), Microsoft (NASDAQ 🙂 and the owner of Google Alphabet (NASDAQ :)) underperforming, “said Michael Hartnett, chief investment strategist at BofA. The retail rush also sent silver above $ 30 an ounce for the first time since 2013 before prices fell back. The precious metal attracted a record $ 2.8 billion in the week through Wednesday, BofA said.

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