US equities are experiencing substantial net outflows from foreign investors, with over $7 billion withdrawn recently, marking the second-largest withdrawal in history. Overseas investors pulled approximately $6.5 billion from US stock funds over the past week, second only to the $7.5 billion outflow during the March 2023 banking crisis. Foreign investors currently hold about $18 trillion, or 20%, of the total US market. Institutional investors, including hedge funds, have also been net sellers of US stocks, with the largest net selling of single stocks in at least a decade, according to Goldman Sachs data. Despite these outflows, global stocks saw a $7.9 billion inflow in the last week and a $250 billion inflow year-to-date. Investor sentiment remains emotionally bearish but not physically bearish, with evidence of consumers and corporations adjusting ahead of US tariff increases implemented on April 2. Additionally, there are massive inflows into money market and cash ETFs, levels historically associated with major market lows, as the S&P 500 experiences a pullback.