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Retail traders may be selling tech stocks en masse, but they’re spying opportunity in one major financial institution — Bank of America. Retail trading activity has remained steady this past week, with investors buying a net $821 million, according to a Wednesday note from JPMorgan Chase. That’s consistent with the 12-month average. Beneath the hood, however, retail traders are increasingly pivoting away from big tech names in favor of financials – suggesting a rotation between the biggest gainers and laggards in markets this year. In the S & P 500, information technology is the top sector in 2023 after surging 20%, while the financials sector is at the bottom, down about 2.9% for the year. “Among the $-908MM net sold in single stocks, large cap tech names were universally sold: AAPL -$190MM, AMD -$177MM, TSLA -$85MM,” read a note from JP Morgan’s global quantitative and derivatives strategy team led by Peng Cheng. “We continued seeing demand in financials, led by BAC (+$81MM).” Given this, here are 10 of the biggest stocks retail traders bought into this past week: Retail traders snapped up Bank of America shares, resulting in $82 million in net inflows, according to JPMorgan. While the finance sector has been in focus for investors following the regional banking crisis, Bank of America has withstood some of the shocks, and is up more than 1.5% this week. On Tuesday, it topped expectations in first-quarter earnings and revenue . American Airlines Group saw a big surge in retail trader interest, which saw a net $68 million in inflows. The firm is set to release its latest quarterly results next Thursday. On the other hand, retail traders dumped some notable tech names such as Apple , with saw net selling of $190 million this past week. Apple shares have enjoyed a huge run-up this year, up 29%. Tesla shares also saw net selling of $85 million. Tesla shares dropped 9% during Thursday trading after reporting first quarter earnings results . Tesla reported net income fell 24% to $2.51 billion from $3.32 billion a year ago. That’s a drop to 73 cents a share from 95 cents a share. Still, the stock is up 32% in 2023.
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