More wealthy investors are going to cash, but millionaire bears are still in the minority

More wealthy investors are going to cash, but millionaire bears are still in the minority

The decline in Netflix shares after weak subscriber growth sent a chill through the market about a bull run for stay-at-home stocks that may have reached its peak and there is more pain to come in pandemic winners like Zoom and Peloton. More wealthy investors seem to be asking themselves this question “” and about more than just the pandemic's biggest winners, and answering it by selling stocks and going to cash.The percentage of investors with $1 million or more in brokerage account they self-manage that sold out of market positions and went to cash in the second quarter more than doubled, from 7% to 16%, according to a new survey of wealthy investors from Morgan Stanley's E-Trade Financial shared with CNBC. Overall bullishness declined as well, with millionaire investors who say they are now bearish increasing by 6 percentage points, from 36% to 42%.That may not seem like a major uptick, and the majority (58%) of these investors remain bullish, and more of the wealthy said they expect Q2 to end with a rise in the S&P 500 Index.Stocks opened slightly higher on Wednesday, even as Netflix's big drop continued.But the survey details do reveal notable, and increasing, worries