Foreign Investors Are Pulling Back From U.S. Stocks

• Overseas investors withdrew ~$5B from U.S. equity ETFs in June — the largest outflow in 3+ years.

• This comes after ~$5B in net inflows during May and ~$24B in November 2024 alone.

• The pullback happens despite the S&P 500 rallying +5% and hitting new all-time highs.

Global capital is quietly rotating away from U.S. equities.