Bank of America clients are fleeing the U.S. stock market at the fastest pace in 10 weeks.

According to Gate News bot, Jin10 reported that American bank clients withdrew funds from the US stock market at the fastest pace in 10 weeks, reducing their risk exposure. Despite the S&P 500 index achieving its best quarterly performance of 2023 by the end of June, last week, major client groups, including institutions, retail investors, and hedging funds, withdrew a total of $1.3 billion from the US stock market.

Bank of America quantitative strategists Jill Carey Hall and others pointed out in a report on Tuesday that the market is experiencing risk aversion, increasing uncertainty about the sustainability of this rebound. Although this rebound has helped push the S&P 500 index back from the tariff-related lows in April, the index is currently hovering near the highest overbought level since July 2024.