Global stocks beat U.S. markets as 'Ex-America' trade starts 2026

It’s not the “Sell America” trade. Call it the “Ex-America” trade. Since the start of the year, global stocks have outperformed the U.S. market by roughly nine percentage points, according to Goldman Sachs. The S&P 500 is down about 0.5% year to date. Meanwhile, the MSCI EAFE Index — which tracks developed markets outside the U.S. — has gained roughly 8%. The MSCI ACWI ex-U.S. Index, which excludes American stocks entirely, is up about 8.5%. Goldman’s research team notes that this marks the worst start ...