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Expand chart
Data: Investment Company Institute; Chart: Andrew Witherspoon/Axios

Investors pulled more than $25 billion out of U.S. equity funds in the week ending July 2, right as the stocks were hitting all-time highs, data shows.

The big picture: It was the second highest level of fund redemptions for domestic stocks since the Investment Company Institute began tracking data in January 2013. ICI's data mainly tracks retail investors who have close to $10 trillion invested in domestic mutual funds and ETFs.

Why it matters: Last week's selloff shows that even when the stock market is rising — the S&P is up nearly 19% so far in 2019 — retail investors are moving out of stocks, showing the opposite behavior of what they've demonstrated during market booms of the past.

  • ICI's data shows that the largest outflows on record were seen during the first week of February 2018, when the market tanked.
  • Investors have been selling stocks in aggregate all year, as concerns grow about the longest U.S. recovery on record and an increasingly uncertain geopolitical and market environment.

Yes, but: "While this outflow may seem [sizable] in simple dollar terms, it's important to realize it represents only .01 percent of the $9.6 trillion invested in domestic equity mutual funds and ETFs as of May 2019," Shelly Antoniewicz, ICI's senior director of industry and financial analysis tells Axios by email.

  • "When viewed in this context, it reinforces the long-term investment mindset of fund shareholders."

Go deeper: Investors are selling stocks, but the market keeps rising

Go deeper

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Illustration: Aïda Amer/Axios

It was 563 days ago that the WHO declared Covid-19 a pandemic. This Axios AM Deep Dive, led by healthcare reporter Caitlin Owens, looks at our Covid future.

Federal judge blocks vaccine mandate for NYC teachers

Students are dismissed from the first day of school at PS 133 in Brooklyn on Sept. 13. Photo: Michael Nagle/Xinhua via Getty Images

A federal appeals court judge on Friday temporarily blocked New York City schools from enforcing a vaccine mandate for school employees, days before it was set to take effect, AP reports.

Driving the news: The vaccine mandate was set to begin on Monday, prompting concerns over staffing shortages in schools across the nation's largest school system.

CCP releases two jailed Canadians after Huawei CFO deal with DOJ

Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Two Canadians imprisoned by the Chinese government for over 1,000 days have been released and are expected to arrive in Canada on Saturday, Prime Minister Justin Trudeau said Friday.

Why it matters: Their release comes hours after Huawei Technologies CFO Meng Wanzhou reached a deal with the U.S. Department of Justice that resolves the criminal charges against her and could pave the way for her to return to China.

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