In a note Tuesday, equity and quant strategist Jill Carey Hall said the firm's institutional clients were net sellers of stocks for a 14th straight week.

That's the longest such streak the firm has seen since it started keeping track in 2008.

Together, institutional investors — such as mutual funds and endowment funds — pulled out $2.8 billion from equities last week.

The S&P 500 fell 1.3% last week, its biggest decline since February. Stocks had come within close reach of record highs before pulling back.

The market was another leg lower on Tuesday, as global markets dipped after some disappointing Chinese manufacturing numbers.