The unravelling of US exceptionalism

This week’s pull-back in the US stock market and the unravelling of US exceptionalism in equities since Donald Trump returned to the White House on 20th January have been driven by growing concerns about two key risks that we highlighted here to our upbeat end-2025 forecast of 7,000 for the S&P 500: the AI narrative and the economic outlook. But we aren’t ready to throw in the towel.

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