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U.S. equity funds lure inflows on earnings optimism

U.S. equity funds lure inflows on earnings optimism
© Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 7, 2022. REUTERS/Brendan McDermid

 

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(Reuters) – U.S. equity funds saw money inflows for the first time in four weeks in the week to Oct. 19, as strong third-quarter earnings calmed investor fears that rising interest rates would hit corporate profits substantially. U.S. equity funds drew a net $4.57 billion, marking their first weekly inflow since Sept. 21, data from Refinitiv Lipper showed.

Graphic: Fund flows: US equities, bonds and money market funds – https://fingfx.thomsonreuters.com/gfx/mkt/zgpobwmonvd/Fund%20flows%20US%20equities%20bonds%20and%20money%20market%20funds.jpg

Better-than-expected quarterly earnings results from companies including Goldman Sachs Group Inc (NYSE:GS), Netflix Inc (NASDAQ:NFLX) and Johnson & Johnson (NYSE:JNJ), boosted sentiment in a market that was otherwise worried about rising treasury yields and further rate increases. U.S. large-, mid- and small-cap equity funds all saw inflows, worth $4.28 billion, $418 million, and $308 million, respectively. By sector, tech and financials obtained inflows worth $769 million and $595 million, respectively, after outflows in the previous week.

Graphic: Fund flows: US equity sector funds – https://fingfx.thomsonreuters.com/gfx/mkt/byvrlojgxve/Fund%20flows%20US%20equity%20sector%20funds.jpg

Meanwhile, bond funds saw a fifth straight week of net selling, as investors withdrew a net $4.16 billion. U.S. short/intermediate investment-grade and loan participation funds recorded disposals worth $4.16 billion and $896 million, respectively, but safer government bond funds had an eighth weekly inflow, amounting to $4.52 billion.

Graphic: Fund flows: US bond funds – https://fingfx.thomsonreuters.com/gfx/mkt/gkplwmgnovb/Fund%20flows%20US%20bond%20funds.jpg

Money market funds had $5.85 billion of weekly outflows after $5.88 billion in inflows a week ago.

Source: Investing.com

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