The strategist last week recommended buying the S&P 500 at 5,300 points — about 7% lower than current levels. The index has recovered after sinking as low as 5,504 as investors worried about the impact from President Donald Trump’s trade war. European stocks have outperformed the US this year, also boosted by cheaper valuations. BofA’s survey showed a net 39% of global investors are now overweight European equities, the highest share since mid-2021.