Bullish sentiment for stocks cratered in historic fashion this past month as President Donald Trump’s haphazard rollout of tariffs rattled markets and raised concerns about economic growth, according to the most widely followed investor survey on Wall Street. Bank of America’s Global Fund Manager Survey for this month saw its biggest pullback in overall investor sentiment since March 2020 — back when stocks plummeted as the U.S. grappled with Covid-19. That’s resulted in what investment strategist Michael Hartnett deemed a “bull crash” in sentiment. This month’s steep decline is the seventh largest over the last 24 years and brought the overall sentiment measure to a seven-month low. The sentiment index is comprised of three components: equity allocation, cash holdings and economic growth expectations. March recorded the largest drop in investors’ exposure to U.S. equities on record among major investors. Meanwhile, investors stockpiled cash at a clip not seen since the pandemic-induced market sell-off in March 2020. .SPX YTD mountain The S & P 500 in 2025 The survey also showed the second biggest slide in global growth expectations in its history. This poll’s global growth outlook has historically correlated to S & P 500 performance, so souring sentiment on this measure means “bad news for stocks,” Hartnett said. Taking a contrarian standpoint, Hartnett said the rapid drop in sentiment could signal that most of the recent pullback is over. However, he added that positioning in the survey is “nowhere near” levels that reflect an “extreme bear” environment or one in which investors should “close-your-eyes-and-buy.” Bank of America’s March survey comes as investors wonder what’s next for U.S. stocks after fears around tariffs and cooling growth catalyzed a swift decline from all-time highs. The S & P 500 on Tuesday fought to remain out of correction territory , which refers to a drop of at least 10% from a recent high.
