By WSJ Staff

The first three months of this year have been marked by big shifts in markets, as the "American exceptionalism" trade falters. Here's a look at where things stand:

U.S. stocks have stumbled.

-- Both the S&P 500 and the Nasdaq Composite are on pace for their biggest falls since the second quarter of 2022, according to Dow Jones Market Data.

-- As of Friday's close, the S&P 500 was down 5.1%, and the Nasdaq had lost 10%. The Dow industrials is off 2.3%.

-- Futures pointed to further losses for U.S. markets Monday.

The dollar has pulled back, and the euro has surged.

-- As of late Friday, the WSJ Dollar Index was down 3.1%. It was little changed early Monday.

-- Meanwhile, the euro is up 4.6% against the greenback, on pace for its best quarter since the end of 2022.

European stocks have taken off.

-- The standout is Germany's DAX. As of Friday's close it was up nearly 13%, the strongest quarter since the end of 2022.

-- However, it dropped about 1% late morning in Frankfurt on Monday.

Dig deeper into how the reversal of the "American exceptionalism" trade is rippling around the globe:

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(END) Dow Jones Newswires

March 31, 2025 05:52 ET (09:52 GMT)

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