US stocks have been eclipsed by market gains in the rest of the world in 2025, as worries about high valuations, a Chinese artificial intelligence breakthrough and Donald Trump’s radical economic policies contributed to a rare year of underperformance for Wall Street.
The S&P 500 is up 18 per cent this year, undershooting the 29 per cent gain for the MSCI All Country World ex-US index by the widest margin since the global financial crisis in 2009.
Wall Street’s artificial intelligence boom has powered a rebound from the sell-off sparked by Trump’s “liberation day” tariff blitz in April.
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