Online reports that Bank of America strategist Michael Hartnett said that although the United States is taking steps to negotiate trade, the surprising rebound in the U.S. stock market may have ended. The strategist said stocks rebounded "reasonably" on the back of optimism about tariff reductions in the second quarter. However, he believes stocks will not rise further because investors "buy based on expectations and sell based on facts." Since Trump announced the suspension of some tariffs on April 9, the S & P 500 index has risen 14%, but it is still down 3.7% so far this year, lagging behind international markets. Hartnett recommends that the goal for 2025 is bonds, not stocks. When it comes to stocks, he prefers international assets to U.S. assets. He said in the report that the U.S. stock market is in the late stages of a structural bear market relative to non-U.S. stock markets. The flow of funds supports Hartnett's view. About $24.8 billion has been redeemed from U.S. stocks in the past four weeks, the largest level in two years, according to a Bank of America report citing EPFR Global data.