S&P 500 Trails Global Markets In 2026

S&P 500 Trails Global Markets In 2026

Moz Farooque ACCA

Thu, February 19, 2026 at 2:55 AM GMT+9 1 min read

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BLK

+1.82%

^GSPC

+0.95%

This article first appeared on GuruFocus.

The S&P 500 (SPX) is off to its weakest relative start versus global markets since 1995, a sharp shift after years of U.S. market dominance.

So far in 2026, the S&P 500 is essentially flat, while the iShares MSCI ACWI ex U.S. ETF (Trades, Portfolio) (NASDAQ:ACWX) is up 7.7%. That gap marks the worst early year relative performance for U.S. equities in more than 30 years. A mix of tariff noise, geopolitical headlines, and fresh doubts about whether massive AI spending will deliver strong returns has added to investor unease. At the same time, stretched valuations and heavy concentration in mega cap names like the Magnificent 7 have encouraged some investors to look overseas for diversification.

Warning! GuruFocus has detected 8 Warning Signs with BLK.
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BlackRock (NYSE:BLK) is among those seeing opportunity abroad. The asset manager favors Japanese equities, citing solid nominal growth and corporate governance reforms, and also sees promise in European financials, utilities, and healthcare.

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