A Bank of America survey showed investors still believe in improving macroeconomic conditions and rapid growth in artificial intelligence capital spending, but risks from a disorderly surge in bond yields and a Democratic landslide in the midterm elections have made market sentiment more cautious. According to Sina Finance, a strategist team led by Michael Hartnett wrote that the September Global Fund Manager Survey showed cash allocations rose from 3.5% to 3.9%, the biggest monthly increase since March, as excessive summer optimism faded. The report said risk exposure is appropriate only when cash allocations return to the neutral 4% to 5% range. Investors' net underweight in bonds reached 48%, the highest since May 2022, while the net overweight in stocks fell to 49% from 56% in the previous month.