A historically high 52% of respondents said they are underweight equities.
The strategist expects equities to plumb new lows.
Yet investors appear to be turning less pessimistic on the outlook for US stocks.
Business activity data also suggest the worst is yet to come for the economy, firm strategists said.
Rate-sensitive technology funds posted their largest exodus since November 2021.
Economists forecast a slowdown in business activity, threatening earnings in the second half.
The firm's strategists are among the most bullish top-ranked voices on U.S. equities.
Global growth and profit expectations rebounded from all-time lows hit last month.
The schism reflects the highly uncertain outlook for the US stock market in the face of strong cross-currents.
Investors have resumed shunning global stocks in favor of bonds.
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