Bank of America clients have sold communication services stocks, led by Meta Platforms, at the fastest rate since the sector's creation in 2018. Meta's stock dropped over 15% since late September due to heavy spending and legal charges, while Alphabet shares also fell sharply after earnings. This selling pressure caused the State Street Communication Services Select Sector SPDR ETF (XLC), heavily weighted in Meta and Alphabet, to break below its 52-week low. Retail investors and hedge funds led the selling, while institutions bought, signaling ongoing volatility. Investors should watch key price levels for XLC to gauge if the selling will continue or stabilize.
Despite Bank of America clients selling Meta and Google stocks heavily, on Pluang as of Oct 29, 2026 19:01 WIB, META trades at USD 617.70, comfortably above its 52-week low of USD 525.72 and well below its high of USD 777.59, showing resilience with a 1-day gain of +0.85%. In contrast, GOOG and GOOGL are near their 52-week lows at USD 286.00 and USD 288.30 respectively, both down over 11% in one day, highlighting sharper recent weakness compared to Meta. This contrast in price movement and position within their 52-week ranges illustrates differing investor sentiment on Pluang between these major communication services stocks.
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