The 2024 election has boosted U.S. stocks to fresh highs, but the same can’t be said for the rest of the world.
The S&P 500 was mostly unchanged on Wednesday after jumping nearly 5% since the Monday before the 2024 election. As BTIG Chief Market Technician Jonathan Krinsky points out, the FTSE All-World ex-U.S. index is down 2.6% in that span.
“The bullish spin on this for U.S. stocks is that they remain the only game in town,” he writes. “While we can’t argue that from a secular perspective, from a tactical perspective the next few weeks should prove telling as to if global stocks are a canary in the coalmine, or just a 2016 style knee-jerk reaction.”