Why is money being withdrawn from the U.S.?

Donald Trump's new mandate began with a strong political and economic imprint, but in the first 100 days, the balance for the markets is negative:

-The S&P 500 falls nearly 5% this year.

-Oil collapses by 19%.

-The dollar retreats by 9%.

Despite a recent shift towards more pragmatic policies—such as tariff reductions, tax cuts, and a more flexible Fed—investors have started to move quietly.

“When the safest assets shine, something big is brewing beneath the surface,” warns strategist Michael Hartnett.

Although production and activity indicators continue to weaken, employment remains the last bastion. The market is closely watching the upcoming non-farm payroll data: if they break, the recovery narrative would be called into question. “Employment is the last emotional support of the market. If it falls, the party is over,” Hartnett notes.

In addition to Europe and cryptocurrencies, the report highlights that technology funds have seen seven consecutive weeks of inflows, accumulating $49 billion so far this year. But at the level of private wealth management, the tone is different: large clients are shifting towards defensive strategies. They have increased their exposure to utility ETFs, low volatility, and dividends, while abandoning assets associated with inflation, such as bank loans and TIPS.