US Stocks Are Back on Top—For Now
The "sell America trade" is fading. But there are still reasons to pay attention to foreign stocks.
The S&P 500 index has risen handsomely since the beginning of 2025—but foreign stocks have risen by more. One reason the US trails is President Trump’s war with markets, which has led some investors to pivot away from American assets.
US stocks have caught up in recent weeks, at the same time some of Trump’s most damaging policies have faltered. The United States may also be more immune to the fallout from the Iran war than other regions more dependent on Persian Gulf energy imports. But Trump could still throw caution to the wind as his presidency winds down, and some financial advisers are bucking longtime advice and recommending more exposure to global markets.
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