Recent trends indicate a notable shift in global equity markets, with approximately 90% of foreign stock indices outperforming U.S. indices over the last 21 days, marking the highest percentage since the 2022 bear market. This performance comes as the S&P 500 has declined by 6.5% during the same period. Currently, the U.S. accounts for only 64% of the global equity market capitalization, a reduction from previous levels. Foreign stocks have increased by 9% this year, contrasting with the U.S. market, where both the S&P 500 and the U.S. Dollar index have seen declines of 6.5% and 3.5%, respectively, since January 31. This simultaneous drop has not occurred to this extent since 2008. European stocks are on track to outperform U.S. stocks this quarter by the largest margin in history, with the Euro Stoxx 600 outperforming the S&P 500 by 17 percentage points in dollar terms. Additionally, the U.S. market capitalization to GDP ratio stands at 191%, near a record high, while the top 10 largest S&P 500 stocks represent about 36% of the index's market value, a concentration not seen since the Great Depression.