Gyrating stock markets have prompted U.S. fund investors to be more cautious about where they put their money, resulting in stock fund inflows in May that were 60% less than in April, according to Lipper. Stock funds received $10.5 billion in new money, about 33% of the amount in each of the first four months of the year. Bond funds experienced outflows of $1.1 billion, while money market funds gained $45.5 billion, a 3-1/2-year high. According to Lipper, half of trading days last month were up, but the down days were so volatile that their impact was unusually strong. “It has been a very long time since positive market sentiment shifted in a major way so abruptly, like literally overnight,” Lipper’s Don Cassidy told Reuters. “Predictably, since people buy on strength and redeem on weakness, this immediately translated into a curtailment of net flows to equity funds.