U.S. Exceptionalism Is Alive and Well as Nasdaq Outperforms Global Peers: Macro Markets
2025-07-05 18:18:30
Main Idea
The resurgence of U.S. exceptionalism, evidenced by strong performance in U.S. equity markets and economic indicators, may positively impact bitcoin and the U.S. dollar.
Key Points
1. The Nasdaq and S&P 500 have surged 31% and 24% respectively since early April, outperforming global indices like Germany's DAX and Japan's Nikkei.
2. Real per capita GDP growth in the U.S. significantly outpaces the EU, reinforcing the narrative of U.S. exceptionalism.
3. Bitcoin has risen 44% to $108,000 from early April lows, potentially benefiting from the resurgence of U.S. exceptionalism.
4. The return of U.S. exceptionalism could support the U.S. dollar, with ECB officials expressing discomfort over the euro's strength.
5. Deregulation under President Trump is cited as a key factor supporting U.S. economic performance.
Description
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 Stree...
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