BREAKING: Foreign investors withdrew a net -37 billion out of US equities in May, the most in at least 12 months, according to Goldman Sachs. This marks the 2nd consecutive monthly net withdrawal after -7 billion in April. Year-to-date, foreign investors have withdrawn a net -31 billion from US equities. By comparison, these same investors bought a net +201 billion in November and December last year. This comes even as the market recovers and the 90-day reciprocal tariff pause that began on April 10th. Foreigners are rotating out of US stocks.