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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

Dan Primack, author of Pro Rata
2 hours ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: DACA was implemented under former President Obama, but President Trump has sought to undo the program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting applications starting Monday and guarantee that work permits are valid for two years.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — The recovery needs rocket fuel.
  2. Health: CDC: It's time for "universal face mask use" — Death rates rising across the country — Study: Increased testing can reduce transmission.
  3. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
  4. Cities: Bay Area counties to enact stay-at-home order ahead of state mandate
  5. Vaccine: What vaccine trials still need to do.
  6. World: UN warns "2021 is literally going to be catastrophic"
  7. 🎧 Podcast: Former FDA chief Rob Califf on the vaccine approval process.

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