A wild quarter for US stocks sends investors abroad

Investors entered 2025 riding U.S. stocks to records. Three months later, the American market's decline has pushed them overseas. The Trump administration's whipsaw rollout of a tariff fight with America's biggest trading partners has analysts trimming forecasts for economic growth and lifting estimates for inflation. The tech trade that carried indexes to new highs is fizzling. Investors big and small have been shifting bets to Europe—where new spending plans could jolt a lethargic economy—and beyond. "For the first time in a while, you can have a conversation about: Might European equities be the best place to be for the next…