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Japan’s TOPIX index is in positive territory for the past 6 months, up 0.37% for the period. It’s an example of a global trend in the equity markets: The Asian indexes are performing much better than the major U.S. markets. India’s Nifty 50 is within one percentage point of going positive over the same time period.

The U.S.’s S&P 500, however, remains down 6% over that period, dragged underwater by the declining value of the dollar and the Trump Administration’s war on free trade.

Another example: Over the last 30 days, the Nifty 50 is up 1.7%; the S&P is down 5% in the same period.

In the last 24 hours, however, there have been signs of fresh life in the U.S. The S&P 500, Dow , and Nasdaq were all up at least 1% at the close of the markets on Thursday as investors continue to hope that the Trump Administration will soften its trade agenda.

Strong earnings, particularly from Google , American Airlines, Southwest, and Hasbro also helped drive gains. The good vibes continued in Asia and Europe this morning, and U.S. futures were in the green too.

Here’s a snapshot of today’s action:

How damaging has the flight of capital out of U.S. markets been?

Goldman Sachs put some number on that in a note to clients on the “flight of foreign investors out of US assets,” sent yesterday by analyst Daniel Chavez and his team: “This dynamic poses a substantial risk to equity valuations because foreign investors entered 2025 with a record 18% ownership share of US equities. We estimate foreign investors have sold roughly $60 billion of US stocks since the start of March. High frequency fund flow data suggest European investors have driven the selling, while other regions have generally continued to buy US stocks.”

There is no mystery as to why investors have been moving their money East: It’s Trump. In a typically arch note to clients this morning, UBS Global Wealth Management Chief Economist Paul Donovan wrote: “China said it was not negotiating with the US over trade. US President Trump avowed that the US was talking with someone (who they are talking to is a secret, apparently). Things like this might possibly be contributing to the economically damaging levels of uncertainty.”