(Reuters] – U.S. Equity funds experienced outflows during the week of Jan. 19. This was due to concern over a rise U.S. Treasury yields, and a slow start to the fourth quarter earnings season.

Refinitiv Lipper data indicates that $4.5 Billion was sold by investors to U.S. Equity Funds, the first week-end outflow in five.

Fund flows: US equities bonds and money market funds https://fingfx.thomsonreuters.com/gfx/mkt/mypmnbeagvr/Fund%20flows%20US%20equities%20bonds%20and%20money%20market%20funds.jpg

Two-year highs were reached, which was a problem for growth stocks. Future cash flow of the companies would have less value if they had higher interest rates, so this impacted their stock price.

Bank earnings didn’t cheer investors during the week as Goldman Sachs (NYSE:) missed quarterly profit expectations, while JPMorgan Chase & Co (NYSE:) warned that its return on tangible capital equity may fall below its medium-term target of 17% this year. U.S. Growth funds experienced an outflow of $4.42B in a fourth week. Investors secured value funds of approximately $3B in their biggest weekly buy in five months.

Fund flows: US growth and value funds https://fingfx.thomsonreuters.com/gfx/mkt/byvrjmymave/Fund%20flows%20US%20growth%20and%20value%20funds.jpg

Financial sector funds received inflows totalling $1.12 trillion, while sector funds for tech and consumer discretionary saw outflows equal to $842 million, $543 million, and respectively.

Fund flows: US equity sector funds https://fingfx.thomsonreuters.com/gfx/mkt/akvezekerpr/Fund%20flows%20US%20equity%20sector%20funds.jpg

U.S. bond fund net sales were $1.69 billion, less than $3.15 billion the week prior. U.S. taxable bonds were purchased by investors worth $1.39billion. U.S. municipal bond fund net sales totaled $466m. U.S. high-yield and short/intermediate investments-grade funds had to face money outgo of $702million and $2.29 trillion, respectively. However, loan participation funds, and short/intermediate government & treasury funds received inflows of $2.2 billion and $1.27 billion respectively.

Fund flows: US bond funds https://fingfx.thomsonreuters.com/gfx/mkt/lbvgnjajepq/Fund%20flows%20US%20bond%20funds.jpg

U.S. money-market funds faced an outflow of $57.07 billion in the second quarter, which is their largest since mid July 2020.