U.S. equity funds continued their strong momentum, drawing $4.36 billion in the week to November 19 — nearly 4× higher than the prior week’s $965 million, according to LSEG Lipper. Investors are leaning into U.S. stocks despite stretched tech valuations, supported by a robust Q3 earnings season and positive macro signals.
Data from 473 S&P 500 companies shows profits jumped 16.3% year-over-year, far exceeding the 4.9% that analysts expected. “Earnings were robust, and the outlook remains resilient,” said Mark Haefele, CIO at UBS Global Wealth Management, citing the strengthening impact of AI and longevity themes.
Even as the S&P 500 dipped to a two-month low (6,534) amid tech-sector volatility and delayed labor data, inflows broadened across categories:
- Large-cap funds: +$6.93B
- Small-cap funds: +$404M
- Mid-cap funds: –$2.04B
Meanwhile, U.S. bond fund inflows cooled to $4.11B, a seven-week low, and money market funds saw $22.89B in outflows, reinforcing a continued shift toward risk assets.