The U.S. stock market has recently seen a significant selling wave, with the S&P 500 down nearly 5% over the past month, as market fears of a recession have increased due to weaker-than-market-expected jobs data. However, data released by Bank of America Securities on August 13th revealed data that provides interesting insight into current market conditions.

BofA Securities reported that last week its clients' stock buys exceeded their sells by nearly $6 billion. It was the first time in nearly five weeks that BofA Securities' clients bought more than they sold, and the 10th largest single week of trading volume since 2008.

Technology and communication services stocks were the top performers in terms of inflows, with technology stocks also seeing inflows for the first time in four weeks. However, the data also showed that hedge funds and private clients were net sellers during the period.

In addition, separate data from Bank of America Securities showed that global growth expectations fell to their lowest level in eight months.

In August, BofA fund managers increased their cash allocations while reducing their equity positions. The survey showed that 31% of fund managers surveyed said they were overweight in equities in August, down from 51% in July.

In addition, respondents' average cash asset ratio rose to 4.3% from 4.1% last month. A total of 189 fund managers, with total assets under management of about $508 billion, participated in the survey.