Group 1 - The US stock market is experiencing its worst start relative to global markets since 1995, with the S&P 500 index down 1% year-to-date, while the ACWX index, tracking global markets excluding the US, is up 8% [1] - Over the past year, the non-US international index has increased by 30%, three times the 10% increase of US stocks, indicating a significant shift in market performance [1] - The change in performance is attributed to a shift in geopolitical risks, with many risks now originating from within the US, including trade policies and aggressive rhetoric from the Trump administration [1] Group 2 - Despite underperforming globally, US stock prices remain high, with the average price-to-earnings (P/E) ratio of US stocks being 40% higher than that of other regions [2] - The concentration of the US stock market is concerning, as the top ten companies account for 40% of the S&P 500 index, up from 20% a decade ago [2] - The elevated P/E ratio, exceeding 20 even when excluding the "Magnificent Seven," makes the US stock market particularly vulnerable to declines in AI trading expectations [2]
美股2026年开局乏力，创1995年以来相对于全球市场最差表现
Ge Long Hui A P P·2026-02-19 15:43