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Viewsroom

US markets’ exceptionalism goes into reverse

Viewsroom

Reuters

News

4.458 Ratings

🗓️ 20 March 2025

⏱️ 21 minutes

🧾️ Download transcript

Summary

After years of setting the global pace, the S&P 500 Index has dropped 9% from its peak while Hong Kong and Europe benchmarks rise. In this week’s Viewsroom podcast, Breakingviews columnists discuss whether trade wars and threats to the rule of law portend a durable shift.   Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:30.2

The views expressed on this podcast are those of the participants,

0:34.2

not of Rojers' News.

0:39.3

I mean, it feels almost absurd to use familiar words like uncertainty when what you're

0:47.0

talking about is potentially the entire, the complete devaluation of the U.S. rule of law.

0:59.0

I mean, this is not, this is not a hurricane. This is not even a pandemic.

1:02.0

You know, these are potentially major and permanent changes

1:06.0

to the largest economy in the world

1:08.0

and how it operates on the most fundamental level.

1:14.6

The euphoria is already waning. We are now two months into the new administration of President Donald Trump,

1:20.6

and, for the most recent half of that time, the direction for U.S. markets, and the mood among executives, frankly, has been down.

1:28.5

As we head into the open on Wednesday, the S&P 500 index has fallen roughly 9% from its peak

1:33.8

on February 19th.

1:35.6

Strategists, the likes of Goldman Sachs, began 2025 touting the invincible story of American

1:40.7

exceptionalism, buoyed by the seemingly unstoppable momentum of domestic markets

1:45.0

that accounted for roughly two-thirds of equity market capitalization globally.

...

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