Corporate executives sharply reduced their own equity buying even as the broader market rallied to fresh highs in July. Data compiled by Washington Service show that insiders at only 151 S&P 500 companies bought shares last month, the lowest count since at least 2018. The ratio of insider purchases to sales dropped to 0.26, its third-lowest reading in seven years and the weakest in a year, underscoring growing caution in C-suites. The pullback contrasts with robust demand elsewhere. Bank of America said its clients were net purchasers of $1.7 billion in U.S. equities during the week that ended 1 August, with inflows into cyclical sectors the strongest since January 2019. Separate fund-flow estimates show investors added about $14 billion to large-cap equity funds last week, keeping the category on pace for roughly $419 billion in net inflows this year. Buyback activity is also accelerating. U.S. companies announced $166 billion of share-repurchase programs in July, the highest dollar amount on record for that month, according to Birinyi Associates. The juxtaposition of record corporate authorisations and healthy investor inflows against dwindling insider participation highlights a widening divide over valuations after the S&P 500 notched 10 all-time highs during the month.