Almost a month has passed in 2026, and the performance of the US stock market has not been good. The net inflow of developed market stocks has almost all been consumed by international stocks outside the US, with very little net inflow into US domestic stocks. As of now, developed market stock funds have seen a net inflow of over $50 billion, of which international shares account for $39 billion, Europe and Japan account for $5 billion and $2 billion respectively, while the US has only seen an inflow of $771 million.

Among these, Trump's issue with tariffs on Greenland accounts for a significant portion. If this continues, a large amount of capital will withdraw from the US stock market and enter the international market, where the exposure to US income is about 22%, which is still not enough to offset the risk of capital flowing out of the US.

Trump's demand for votes is increasingly distancing him from his idea of revitalizing the US stock market.

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