The S&P 500 Trails the Global Stock Market by Its Widest Margin Since 1995 as President Trump's Policies Rattle Investors

2026-02-23 03:34:00 ET

The S&P 500 (SNPINDEX: ^GSPC) is the benchmark for the U.S. stock market. It has advanced less than 1% year to date. The MSCI ACWI ex U.S. Index is a benchmark for the global stock market (excluding U.S. equities). It has returned 10% year to date.

The S&P 500 has not lagged the MSCI ACWI ex US Index by such a wide margin at this point in any year since 1995, according to Kevin Gordon, head of macro research and strategy at Charles Schwab .

In fact, the global stock market has consistently outperformed the U.S. stock market during President Trump's second term due to concerns that his trade policies will hurt the U.S. economy (although that is now in question due to the Supreme Court overturning most of the tariffs). And some analysts expect that outperformance to continue in future years, especially in emerging markets. Here's what investors should know.

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