The death-of-American-exceptionalism crowd has never been louder, but there’s little evidence in the stock market. The S&P 500 has caught up to global indexes in recent months, and the “great rotation” out of the US and into foreign assets is starting to look overcooked.
A chart showing the performance of different global stock indexes since the beginning of 2025. “It feels like narratives really got carried away,” BlackRock global chief investment strategist Wei Li tells Semafor. “There is something really exceptional about US corporates,” Li said, noting that S&P 500 companies overdelivered this earnings season.
HSBC experts similarly noted that a previous surge of investments out of the US and into Europe seems to be slowing. “We think the ‘sell America’ story goes too far,” Morgan Stanley’s Chief Investment Officer Mike Wilson said.
— Rohan Goswami
