US equity funds shed $8.5 billion in the week through June 24, marking the first outflow in three months, according to Bank of America citing EPFR Global data. Technology funds led the retreat with a record $9.3 billion in outflows, a sharp reversal from the prior week's unprecedented $19.2 billion inflow. Overall equity funds saw $5 billion in withdrawals, while money market funds shed $25.5 billion and European funds registered their 11th straight week of outflows. Investors shifted into fixed income funds, which absorbed $16.6 billion.
Apple Inc.Tech funds saw record outflows, dragging down tech stocks including Apple.
Micron Technology IncTech funds led outflows, negatively affecting Micron as a tech stock.
Bank of America Corp