Fund Managers' Confidence Dips Amid Tariff Fears, Retail Investors Buy the Dip; S&P 500 Concentration Exceeds Dot-Com Bubble Peak

Global fund managers are showing decreased confidence due to tariff threats and economic uncertainty, according to a Bank of America survey in March. Growth expectations saw the second-largest drop since 1994, with 55% fearing a trade war-induced recession. Despite this, retail investors have invested $67 billion in U.S. stocks this year, capitalizing on market dips, according to a VandaTrack report. Separately, data from The Kobeissi Letter on March 24 indicates the S&P 500 is more concentrated than ever, surpassing even the Dot-com bubble peak. The top 10 stocks account for 36% of the index's market capitalization. While smaller stocks have shown recent gains, the market's reliance on large-cap tech companies like Nvidia remains a vulnerability. Economic uncertainty and tariff concerns further heighten the risk of a market downturn.