Flows from American and European investors into U.S.- and non-U.S. domiciled equity funds have been soft, and global flows excluding the United States have been positive but with deteriorating trends. Photo by Julia Demaree Nikhinson / The Associated Press

The recent record run by the U.S. stock market appears to be in jeopardy as investors retreat from their strong bullish positioning.

Flows into U.S. equity funds have been weak compared with levels seen earlier in the year, although they have clawed their way back to positive, according to RBC Capital Markets. Meanwhile, flows from American and European investors into U.S.- and non-U.S. domiciled equity funds have been soft, and global flows excluding the United States have been positive but with deteriorating trends.

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