According to Bank of America’s monthly fund manager survey, there was the second-biggest drop in global growth expectations in the history of the survey, the biggest drop in the allocation to U.S. equities and the biggest jump in the allocation to cash since March 2020.

Investors' uber bullish sentiment for US stocks came to a screeching halt over the past month. Bank of America's latest Global Fund Manager Survey of 171 participants conducted in March showed the biggest monthly drop in investors' allocation to US equities on record,

Shares of Bank of America ( BAC 1.42%) are down approximately 14% from their 52-week high amid the broader stock market sell-off. Concern over the U.S. economy and the impact of trade tariffs being implemented by the Trump administration have marked a decisive shift in investor sentiment.