Investors aren't convinced that the stock market rally can last, Bank of America survey shows

• Roughly 66% of fund managers say the recent upswing in stocks is a bear market rally, according to a BofA survey.
• Investors also say stagflation is still the most likely macro scenario in the next 12 months.
• Pessimism around US global growth expectations hit its lowest in a year, the survey shows.

While the stock market continues a relentless march higher as inflation continues to cool, investors still aren't sure the broad rally will last, according to Bank of America's Global Fund Manager survey on Tuesday. 

For now, a seemingly more dovish stance from the Federal Reserve has helped the Nasdaq and the S&P 500 gain 13.5% and 7.5% since the start of the year, respectively. This follows double-digit percentage losses last year.