The S&P 500 Index has declined 9% from its peak, indicating a notable shift in the U.S. stock market, which has historically led global markets. In contrast, benchmarks in Hong Kong and Europe are experiencing gains. Analysts are raising concerns about the implications of trade wars and legal threats on the U.S. market's future dominance. Recent data suggests that U.S. market share in global market capitalization has dropped to approximately 47%, down from 51% in just two months. Additionally, the S&P 500 is underperforming global stocks by the largest margin in nearly 40 years during the current quarter. As of the latest reports, the S&P is projected to see a loss of around 0.14% ahead of the New York market opening, with futures indicating a decline of 0.75% since the prior close. These developments have sparked discussions among market analysts about the potential end of U.S. market dominance.