Flows are rotating into Software & Cloud Tech while Utilities & Consumer Defensive Stability weakens

🇺🇸 Equity flows flipped sharply today, with inflows surpassing outflows for the first time in recent sessions, signaling a tentative shift but not a decisive turn. The market saw 218 inflow clusters against 233 outflows, yet the standout was $PCOR (Procore Technologies, Inc.)’s massive $326M bid into software and cloud tech, confirming renewed interest in growth sectors. Meanwhile, the largest outflow was from WEC, with a $103M exit from Utilities & Consumer Defensive Stability, indicating some rotation away from defensive staples. This flow pattern suggests traders are easing off the defensive trades that dominated earlier in the week and reallocating into more cyclical and growth themes. The next key test will be whether the inflow into PCOR sustains and expands, or if the outflows in utilities and bond funds resume. A continued bid in software and infrastructure could confirm a broader shift, but for now, the market remains cautious with a focus on selective leadership.