Jill Carey Hall, a quantitative strategist at Bank of America, wrote in a research note that the bank's clients sold the largest amount of US technology stocks on record last week, based on data going back as far as 2008. "We expect technology stocks to continue to lose their lead," the strategist wrote. The sell-off in technology stocks came as US stocks recorded their largest net sell-off since August last year, with net sales of $5.80 billion over the same period. Institutional and hedge fund clients were net sellers, while retail clients were net buyers for the 15th week in a row and recorded the third-largest inflow on record. Corporate client buybacks decelerated, falling below typical seasonal levels for the third week in a row. Clients sold five of the 11 sectors, led by technology, communications services and essentials; as in the previous week, inflows into cyclical sectors suggested they were not adjusting for a recession.