Recent analyses indicate that U.S. equities, particularly the S&P 500, have been lagging behind international markets since the inauguration of Donald Trump. Over the last 20 days, the S&P 500 has underperformed relative to global assets correlated with risk sentiment, showing a cumulative underperformance of 3.43% to 3.78%. While the S&P has shown some positive signals in the short term, with a recent model indicating a gain of 0.04% ahead of the New York Open, it remains overshadowed by European, Chinese, and Mexican stocks, which have outperformed the S&P 500 amid ongoing inflation concerns and potential trade tariffs. The trend suggests a growing divergence between U.S. and European markets, with European stocks outperforming Wall Street by approximately 4% since Trump took office, as investor sentiment shifts towards Europe.