US stocks have experienced their largest underperformance relative to the rest of the world in 32 years, with the S&P 500 lagging behind the MSCI All Country World Ex-US Index. Over the past 20 days, the S&P 500 has underperformed the signals from global assets correlated to risk sentiment by a cumulative 6.43%. Ahead of the New York market open, a cross-asset model projected a 0.06% loss for the S&P 500, contrasting with futures that were down 1.34% since the prior close. Among asset classes, rates provided the most bullish signal (+0.19%), while foreign exchange was the least bullish (-0.28%). This trend highlights a shift away from US equities in favor of global markets, reflecting a notable divergence in capital flows and investor confidence.