Global Markets Outperform as U.S. Stocks Lag in 2025 Equities outside the U.S. are leading gains in 2025, with Vanguard FTSE Developed Markets ETF up 9.8% year-to-date. U.S. stocks, however, have declined 0.9%, weighed down by trade tensions and slowing economic growth. Analysts suggest this may signal a broader shift in global market dynamics.2