On Monday, UBS’s US retail market making clients experienced a significant outflow of $262 million, marking the largest single-day net selling since November 2025. The selling activity was orderly and front-loaded, with the majority of the volumes occurring in the morning session. While energy led the selling with oil and gas outflows reaching their highest daily level since June 2022, driven by CVX, ExxonMobil, and Williams Companies, outflows were not limited to this sector alone. Technology was also impacted, adding to the pressure.

The sudden and widespread selling can be attributed to various factors, including macroeconomic concerns, geopolitical tensions, and changes in investor sentiment. The ongoing COVID-19 pandemic and its effects on global economies have created an uncertain environment, leading investors to adopt a more cautious approach. Additionally, the recent escalation of tensions between the US and other major world powers has further contributed to the flight-to-quality phenomenon, as investors seek safer havens for their investments.

The outflows in the energy sector were particularly notable, with CVX, ExxonMobil, and Williams Companies experiencing significant selling pressure. CVX saw $10 million in outflows, while ExxonMobil and Williams Companies experienced $8 million and $5 million in outflows, respectively. This shift in investor sentiment highlights the volatility of the energy market and the potential for sector-specific risks to impact broader market trends.

The dispersed selling across Technology was another notable aspect of the outflows. While Energy led the way in terms of dollar volume, Technology saw a significant contribution to the overall outflow total. This highlights the interconnected nature of modern financial markets and the potential for sector-specific risks to spill over into other areas of the market.