Full Flows Capitulation Into US Stock Rally Elusive

If you're looking to flows for clues as to the direction of equities, the picture was mixed over the latest weekly reporting period. Recall that for much of the first half, US equity-focused ETFs and mutual funds saw sizable net outflows, which contributed to a stark disparity between developed markets and emerging markets. Nvidia's "guide heard 'round the world" changed the game, though. Individual investor sentiment inflected in the US, as did equity flows. That helped DM funds claw their wa