Investors are fleeing U.S. stocks in a way they haven't since 2004. For 10 straight weeks a total of $30 billion has left U.S. stocks, marking the longest streak of outflows since 2004, Bank of America Merrill Lynch said in a Thursday report, citing EPFR Global data. Investors turned instead to emerging markets and European and Japanese stocks, which saw $36 billion in inflows over the last 10 weeks, the report said. Streaks of consecutive weekly US stock fund outflows Source: BofA Merrill Lynch Global Investment Strategy, EPFR Global BofAML's breakdown of last week's fund flows pointed to more aversion to risk among investors, and could add to some analysts' worries about deteriorating market internals. The 10-week outflow from U.S. stocks comes despite the S&P 500's nearly 1 percent gain this quarter and a record high on Aug. 8.

The report also pointed out the turn away from U.S. stocks coincided with the late June surge in the euro against the U.S. dollar to its strongest in nearly a year, after comments from European Central Bank President Mario Draghi suggested higher inflation and tighter monetary policy soon in the euro zone. The euro subsequently climbed to its highest in more than two years in early August, and traded slightly below those levels near $1.186 Friday. Draghi is scheduled to speak later Friday afternoon at an annual meeting of central bankers in Jackson Hole, Wyoming. In the week ended Wednesday, European stocks saw their first outflows in seven weeks, the BofAML report said, while Japanese stocks saw their largest inflow in five months at $3.1 billion.