U.S. Bank strategist Jill Carey Hall’s data show that for the week ending June 9, U.S. Bank clients net sold a total of $14.4 billion in U.S. stocks (excluding net ETF inflows). Of that, net outflows in individual stocks totaled $14.2 billion, setting a record. Tech stock fund outflows reached the highest level since U.S. Bank established its database in 2008, and by market cap, it was also the largest since early 2014.
U.S. Bank Data: 8 of 11 Sectors Are in a Net-Selling State
Based on U.S. Bank’s confirmed data, among the 11 sectors of the S&P 500, 8 sectors were in net selling territory last week. Tech stock fund outflows hit the highest level since the database was established in 2008, and net outflows in individual stocks of $14.2 billion represented the largest single-week figure in the database’s history. After institutional investors posted purchases for five straight weeks, last week recorded their largest outflow since mid-March 2026. Private client net selling reached the highest level since November 2024.
Capital Shifts: Defensive Sectors and Small-Cap Confirm Net Inflows
At the same time as large tech stocks were dumped, U.S. Bank data confirmed the following sectors saw fund inflows:
Small-cap and mid-cap: both recorded net inflows last week
Industrials and utilities sectors: recorded net inflows last week
Real estate sector: has achieved net inflows for six straight weeks
Net inflows into equity ETFs extended to the 11th week. Last week saw a modest inflow of $300 million, with healthcare ETFs leading gains. Tech and financial ETFs saw the largest selloffs, and the direction of funds closely matched that of individual stocks.
Options Market Data: Skew Rises to 72 Percentile; QQQ Put Option Premiums Make Up Over 60%
Xu Mandi, head of information for global market derivatives at the Chicago Board Options Exchange (CBOE), said that as of June 9, the monthly skew—used to measure demand for downside protection for the S&P 500—rose from a one-year low to the 72nd percentile of observations over the past year. This suggests that the current level of market panic is higher than 72% of the time in the past year.
CNBC reported that out of the $3.7 billion option premium traded this week Tuesday for Invesco QQQ Trust, about $2.5 billion was attributed to put options. Susquehanna International Group’s co-head of derivatives strategy Chris Murphy said in the report that current concerns are focused on the risk of rising interest rates rather than the risk of AI stocks.
Positions of Analysts at Key Institutions
In a report, Ohsung Kwon, a Wells Fargo analyst, said that recent declines in the Nasdaq Composite Index and the S&P 500 Index were mainly driven by position adjustments rather than fundamental factors.
Brian Garrett, head of equity execution for cross-asset sales at Goldman Sachs, said in the report that after volatility, the market will become more resilient.
Frequently Asked Questions
Does U.S. Bank’s $14.4 billion net selling figure include ETFs?
According to U.S. Bank strategist Jill Carey Hall’s data definition, $14.4 billion refers to “total net selling of U.S. stocks by customers, excluding net ETF inflows.” For individual stocks, net outflows were $14.2 billion, the highest single-week figure since the database was established.
How did the non-farm employment data become the direct trigger for this round of selloff?
According to market reporting, the non-farm employment data released last Friday was unexpectedly strong, prompting the market to reassess the Fed’s schedule for potential rate hikes later in 2026. Rising rate-hike expectations put pressure on stock valuations, and the S&P 500 fell 2.6% on the day, triggering the broader selloff this week.
How did Wells Fargo analyst Ohsung Kwon define the nature of this round of selloff?
Ohsung Kwon stated clearly in the report that this round of declines was driven mainly by position adjustments rather than fundamental factors, and noted that this does not necessarily mean the market has entered a sustained pullback phase.
