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According to Refinitiv Lipper, U.S. equity funds faced outflows worth $5.7 billion, which was their seventh consecutive week of outflows.
Investors were looking for an update on plans for raising the U.S. debt ceiling during the week, and worries of a potential government default as early as June 1 loom over Washington, if Congress does not act to resolve the deadlock.
A meeting between U.S. President Joe Biden and top lawmakers that had been scheduled for Friday has been postponed to early next week, with the IMF warning that a U.S. default would have “serious repercussions” for the U.S. economy.
Apple Inc (NASDAQ:AAPL) supplier Skyworks (NASDAQ:SWKS) and payments company Paypal Holdings (NASDAQ:PYPL) Inc cut their earnings outlooks during the week, adding to caution among investors.
U.S. bond market funds received a small inflow of $532 million, while money market funds obtained $10.4 billion.
U.S. high-yield bond funds and inflation-linked funds faced outflows worth $1.2 billion and $291 million, respectively. On the other hand, U.S. government bond funds received over $2 billion during the week.
