500 The US stock market is accelerating to catch up with global markets, with the S&P 500 hitting a new all-time high.

Since 2025, the underperforming US stock market has been trying to catch up with global markets. On Thursday, the S&P 500 index once again set a new record high, showing a strong rebound. Data shows that the S&P 500 index has risen by 10.4% in the past three months, far outperforming international stock markets. During the same period, the iShares MSCI ACWI ex U.S. ETF, which tracks developed and emerging markets outside the US, has only risen by 6%. The S&P 500 experienced a significant drop in April this year when President Trump announced tariff plans, but quickly rebounded. The "big tech" sector, which has historically driven US stocks to outperform global markets, especially NVIDIA Corporation (NVDA.US), remains a key driver in the market. Yardeni Research stated in a report on Wednesday evening, "The strong performance of US stocks earlier this year was briefly interrupted, but it now seems to be back on an upward trajectory, with the US market benefiting from better-than-expected corporate earnings." It is worth noting that AI chip giant NVIDIA Corporation reported second-quarter earnings that exceeded overall expectations on Wednesday after the market closed, but data center business fell slightly below market expectations. Due to US restrictions on the export of NVIDIA Corporation's H20 chips to China, related revenue has been under pressure, leading to a 0.8% drop in stock price on Thursday. However, the S&P 500 still rose by 0.3% that day, with a year-to-date cumulative increase of 10.5%. In comparison, the ACWI ex U.S. ETF has risen by 20.9% year-to-date, still significantly leading. Since 2010, Yardeni has been advocating for an "stay in the US" investment strategy, pointing out that the strategy has proven to be significantly effective. As of Thursday, the SPDR S&P 500 ETF Trust, which tracks the S&P 500, has increased by approximately 482% since the end of 2009, far outperforming the 54% increase of the ACWI ex U.S. ETF during the same period. In terms of valuation, the S&P 500 is currently trading at around 22 times forward earnings, indicating that the market has already priced in a lot of positives. LPL Financial's Chief Technical Strategist Adam Turnquist warns that the recent low volatility in the US stock market may have made investors overly complacent, with risks of a "breather" or "healthy pullback" in the market. The CME Group Inc. Class A Volatility Index (VIX) closed at 14.43 on Thursday, a cumulative decrease of 13.7% this month, far below the long-term average of 20. Looking ahead, investors will focus on the US July Personal Consumption Expenditures (PCE) Price Index to further assess inflation pressures. Jim Baird, Chief Investment Officer of Plante Moran Financial Advisors, pointed out that the full impact of tariffs may not have been fully reflected yet, and US stocks still face potential inflation risks. On Thursday, all three major stock indexes closed higher, with the Dow Jones Industrial Average rising by 0.16% to set another record high, and the Nasdaq Composite Index rising by 0.53%.