Mutual funds that invest in U.S. equities saw their biggest weekly outflow in nearly two months due to heavy selling in ETFs and disappointment over third-quarter corporate earnings.
U.S.-based stock funds had their worst week since early September and lost $4.74 billion, Reuters reports.
“The outflows from stock funds in the week ended Oct. 24 were almost entirely a result of investors fleeing exchange traded funds, which surrendered $4.53 billion after outflows of $2.75 billion the previous week,” according to the report.
For the week ended Oct. 25, investors have pulled $9.1 billion from SPDR S&P 500 (NYSEArca: SPY), according to IndexUniverse ETF flow data.