Investor expectations for economic growth and profit have double-dipped, according to Bank of America-Merrill Lynch's latest fund survey.
The survey released Tuesday found that fund managers turned bearish in their outlook on the global economy and corporate earningsfor the first time since February 2009.
Investors said they were more concerned about the outlook for US stocks now than at any other point since November 2006.
A recent string of weak US economic data raised speculation the recovery may be losing momentum, with June nonfarm payrolls falling by the largest number since October.
But others are less bearish, with IMF chief Dominique Strauss-Kahn playing down the possiblity of a double-dip recession Tuesday.