Investors pumped $25.1 billion into cash in the week to Wednesday, bought $5.6 billion of bonds and shed $7.7 billion of stocks, according to a report from BofA Global Research Friday.
Inflows to cash funds are still hefty, but they have slowed down compared to earlier this year. A total of $151 billion went into money market funds over the last four weeks versus $404 billion in the four weeks after Silicon Valley Bank collapsed in March.
The report also showed U.S. Treasuries clocking up 14 straight weeks of inflows, with investors buying $4.3 billion in the week to May 17.
A total of $1.1 billion went into tech stocks, marking a fifth week of inflows, as investors chose growth names over value.
BofA said its bull and bear indicator - a measure of market sentiment — jumped from 3.4 to 3.5 — its highest level since March 14.