JPMorgan has indicated that the underperformance of U.S. stocks relative to European equities is only beginning. The investment bank suggests that the lag in U.S. stock performance compared to European markets could continue, challenging recent narratives that international stocks are poised for sustained outperformance. While European equities have outperformed U.S. stocks over short periods, some market observers caution against drawing long-term conclusions without observing trends over multiple years.