Some $8 billion flowed out of U.S. mutual funds and exchange-traded funds during the week of June 6, with equity mutual funds and ETFs reporting $2.1 billion in net redemptions, according to data from Lipper.
Specifically, the SPDR S&P 500 ETF (SPY) gave back nearly all their previous period gains with investors withdrawing $3.1 billion for the week. “Municipal debt funds looked to be the only bright spot posting their eighth consecutive week of inflows at $593 million,” wrote Matthew Lemieux, Research Analyst at Lipper.
“Despite an upward correction towards the end of the week, investors were once again on their heels as lackluster unemployment data and a downward revision of Q1 GDP put the pace of the U.S. recovery in question. News from overseas continued to deteriorate as all eyes were on Spanish banks after their treasury minister warned they may soon be shut out of the market.”