Outside of the United States, equity investors have had a rough year. Some of the world’s biggest equity markets have fallen into bear market territory including China, Germany, Korea, and Italy.
The MSCI index of developed stock markets that excludes the United States is only a whisper away from bear market territory. The emerging markets index is already in a bear market, down more than 23% from its January high.
And the United States? The S&P 500 remains up on the year. U.S. investors still seem to have the speculative bug that the rest of the world has avoided. The NYSE FANG+ Index has come off of its highs, but remains up almost 11% YTD.
Jeremy Jones, CFA
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