Bank of America's weekly equity flows note, reported October 28, 2026, says clients sold U.S. stocks for a second straight week, led by record outflows from communication services after a sharp post-earnings sell-off in Meta. For the week of October 19 through October 23, it was the sector's largest outflow since it became standalone in September 2018. Meta fell 6.98% to $648.85 on October 22 and closed October 28 at $612.49, down 15.5% from $725.18 on September 30. The State Street Communication Services Select Sector SPDR ETF (XLC) closed at $103.14 on October 28, down 6.4% from $110.19 on October 20, and fell 1.85% after hours to $101.23, below its 52-week low of $102.62. Meta and Alphabet together make up about 43.5% of the fund, and Alphabet's Class A shares dropped 9.97% after hours on October 28 to $292.50 after its third-quarter report, a move outside the flows week. The article says that if XLC stays below $102.62 and another communication services outflow appears in the October 26 to 30 note, pressure on the fund could continue, while a close above $110.19 would signal the selling has run its course.
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Related tickers and likely impact
GOOGL
▼ Likely negativeAlphabet Inc. (Class A)
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/28/2026 | 325.61 |
| Change that session | +1.57% |
META
▼ Likely negativeMeta Platforms
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.7T |
| Close on 10/28/2026 | 612.49 |
| Change that session | -1.24% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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