Worldwide, investors are jumping from stocks to bonds, pulling $34 billion out of equity funds this year and putting $75 billion into bonds.

The outflows are making “an impact felt on the market,” said Paul Hickey of Bespoke Investment Group told CNBC.

“The Nasdaq-100 has only had three days this month where the close was higher than the open and the S&P 500 opened right near its highs of the day every day last week.”
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According to research firm EPFR Global, investors are also piling into money market funds, which brought in $3.2 billion globally last week, extending their longest weekly inflow streak since a 12-week run during the financial crisis at the end of 2008.

“The direction of yields on Treasurys is confirming a risk-off trade is underway,” Mary Ann Bartels, technical research analyst at Bank of America Merrill Lynch, wrote in a research note.

“We have projected 10-year Treasury yields down to 1.50 percent and for 30-year T’s to break the lows of 2.5 percent toward 2.1 percent. Bonds are still favored over stocks.”

Reuters reports that stocks and the euro fell as traders cashed in gains following their best session in three weeks and as doubts set in that a fresh batch of funds in Europe would be used to buy high-yielding eurozone sovereign bonds.