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Expand chart
Data: ICI; Chart: Axios Visuals

Traders still don't trust the stock market's run and are moving money out of equities at a historic level, despite a 25% year-to-date gain for the S&P 500.

What's happening: Data from the Investment Company Institute shows money has been pulled out of equity mutual funds and ETFs in every month this year except January.

  • In total, more than $130 billion has been drawn from equity funds in 2019, making it already the largest year of outflows on record.
  • ICI's data on equity flows go back to 2010.
  • The company's estimates for November show market participants also pulled money out of equity funds in every week, except one.

Similarly, a report from Refinitiv Lipper cited by WSJ shows the largest outflows in its history, which dates back to 1992.

The bottom line: "Analysts say the trend highlights investors’ apprehension toward a stock market buffeted by the long-running U.S.-China trade war and lingering worries about a potential recession," according to the WSJ.

Go deeper:

Go deeper

Biden pollster urges blunt tax talk

Illustration: Aïda Amer/Axios

The top pollster for Joe Biden's presidential campaign is advising the White House to do something that often makes Democrats nervous: Talk loudly and proudly about raising taxes on the rich.

Why it matters: John Anzalone tells Axios his extensive polling and research has found that few issues receive broader support than raising taxes on corporations and people earning more than $400,000 a year.

On the front lines of the growing border crisis

A migrant mother and her children sit in the dirt at a temporary processing center under the Anzalduas International Bridge in McAllen, Texas. Photo: Stef Kight/Axios

At night, parents with young children march through the brush after crossing the Rio Grande River in the pitch black. By day, unaccompanied kids arrive at shelters, in one instance 17 of 17 testing positive for COVID-19.

Driving the news: Axios accompanied a delegation of Republican lawmakers to South Texas last week — followed by a unilateral visit to El Paso — to see in real-time the challenges fueled by a border surge, the effects of actions taken by the previous administration, and the lagging response by the new one.

Scoop: Trump campaign boosted by unsuspecting state GOPs

Illustration: Sarah Grillo/Axios

Federal regulators are probing financial reporting discrepancies stemming from an effort to funnel $75 million through state Republican parties to the national GOP effort to reelect Donald Trump, Axios has learned.

Why it matters: In comments to Axios and filings with the Federal Election Commission, some state party officials seemed unaware of their roles.