"S&P 500 futures were up marginally this morning after the index closed down 0.33% yesterday. The index is up 1.41% year to date, which isn't bad given that we're only 42 days into the new year ... unless you compare that to foreign stocks. Global stocks are up nearly 9% year to date, as tracked by the MSCI ACWI ex U.S. ETF, an exchange-traded fund that tracks mid- and large-cap stocks in all countries except the U.S."
"You can see the U.S. right at the bottom there, besting only India. "Does this mean that American exceptionalism, which was touted as recently as 2024, is kaput? Is this another sign of de-dollarization?" Yardeni asked, rhetorically. "We don't think so. America remains exceptional, and foreigners continue to invest in the U.S. However, there are plenty of exceptional companies overseas that have also attracted global investors.""
S&P 500 futures rose marginally after the index closed down 0.33% the prior day, leaving the S&P up 1.41% year to date. Global stocks, tracked by the MSCI ACWI ex U.S. ETF, are up nearly 9% year to date, and South Korea's KOSPI is up 24% year to date. A Yardeni Research chart places U.S. stocks near the bottom versus foreign markets. Yardeni questioned whether American exceptionalism or de-dollarization are at play and concluded that America remains exceptional while also noting many exceptional overseas companies. Foreigners invested $1.6 trillion into the U.S. last year, but a 10.6% decline in the dollar over 12 months reduces those returns, prompting investors to look elsewhere and seek currency hedges.
Read at Fortune
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