A surge in yields triggered caution about a potential selloff in mega-cap growth stocks, while investors also reduced exposure to riskier assets ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole.
U.S. Treasury yields climbed to their highest in 16 years this week as economic readings from the United States, such as jobs and consumption, pointed to stronger growth, prompting investors to scale back expectations for policy easing next year. In terms of sectors, financial and tech sector funds saw $743 million and $703 million, respectively, in outflows, while healthcare observed about $253 million worth of purchases, on a net basis.
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