U.S. exceptionalism, the notion that the U.S. economy and its financial markets are distinct compared to those of other nations, remains alive and well, at least according to the equity markets.
Since the early April slide, Wall Street’s tech-heavy Nasdaq index has surged 31%, while the broader S&P 500 index has rallied 24%, according to data source TradingView. Other major indices, such as Germany’s DAX, France’s CAC, Japan’s Nikkei, and China’s Shanghai Composite, have lagged behind Wall Street.
Both Nasdaq and the S&P 500 traded at record highs Thursday. Demand for U.S. Treasury notes has held up amid concerns about fiscal sustainability, as noted by CoinDesk last month.
The data contradicts the popular narrative that capital flows are rebalancing away from the U.S. en masse due to debt jitters and President Donald Trump’s trade war and repeated criticism of the Federal Reserve.
“Several key factors that underpinned U.S….
