U.S. stock markets saw record-setting inflows last week as investors piled into technology shares, according to a Bank of America analysis. The bank’s team led by Michael Hartnett said $119.2 billion flowed into U.S. equity funds in the week ended June 17, based on EPFR Global data, the largest weekly inflow on record. On an annual basis, U.S. stock funds are now projected to attract a record $739 billion in 2026.
Bloomberg reported that the end of the war with Iran, together with huge artificial intelligence infrastructure spending by giants such as Amazon, Meta and Alphabet, helped drive U.S. stocks to new highs. The Nasdaq 100 is up about 24% since the start of the year, while the S&P 500 has gained 9.6%. Hartnett’s team said the conflict’s end also halted the sharp erosion in President Donald Trump’s polling, and that Wall Street sentiment remains upbeat.
Even so, the strategists warned that if Republicans lose control of the Senate in November, it could trigger a “weak dollar, low yields and falling stock market” scenario. The flood of money into U.S. equities is happening alongside a major wave of tech-related fundraising. SpaceX completed the largest equity offering in history on June 14, raising $75 billion, while Anthropic and OpenAI are expected to draw attention with their own offerings.
At the same time, Alphabet, Meta and Oracle are selling stock worth hundreds of billions of dollars to finance their AI investments. The broader U.S. market is also benefiting, with mid-cap funds posting a record weekly inflow of $19.9 billion and small-cap funds seeing the second-largest weekly inflow in history at $12.3 billion. Technology funds alone took in a record $19.2 billion. Outside the U.S., however, investors continue to pull money out, with European equity funds seeing 10 straight weeks of outflows and Chinese equity funds suffering 12 consecutive weeks of net redemptions.
