The S&P 500 is set to record its worst quarterly performance relative to global equities since 1988, with a decline of 4.6% in the first quarter of 2025. This underperformance marks a significant margin of approximately 9.6 percentage points compared to global stocks, the largest gap since 2009. The MSCI All Country World Index, which includes stocks outside the U.S., has rallied by about 5% during the same period. Analysts have noted that this is the worst quarter for U.S. stocks relative to the rest of the world in 23 years, highlighting a shift in market dynamics. The S&P 500's performance has been particularly affected by declines in technology stocks, with notable losses including a 54% drop for Trade Desk Inc. (TTD). Overall, this quarter's results reflect a broader trend of U.S. equities lagging behind international markets.