No matter where you look, there have been significant losses in global markets, but they have not been distributed evenly. The S & P 500 closed Friday with a market capitalization of $42.99 trillion, a two-day loss of $5.06 trillion or 10.5% compared to its market capitalization Wednesday night, when President Trump raised U.S. tariffs on imported goods. A more useful comparison is to compare the decline since the market hit its all-time high in mid-February. The S & P 500 large-cap stock index touched its record high the week of February 19, valued at $52.05 trillion. Since then, market capitalization has declined 17.4%, which corresponds with the price decline in the S & P. S & P 500 market capitalization 2/19: $52.05 trillion 4/4/25: $42.99 trillion Loss: $9.06 trillion (17.4%) Source: S & P Dow Jones Indices The S & P 500 accounts for 87% of the entire U.S. stock market. U.S. stock market capitalization S & P 500 $42.99 trillion Entire U.S. stock market: $48.91 trillion S & P 500 as % of U.S. stock market: 87% Source: S & P Dow Jones Indices Not surprisingly, the entire U.S. stock market (all common stock, including large cap, midcap, small cap companies) also hit a market capitalization high the week of February 19. Since then, it has seen a similar decline in market capitalization of $10.82 trillion (18.1%). U.S. broad market capitalization 2/19: $59.73 trillion 4/4/25: $48.91 trillion Loss: $10.82 trillion (18.1%) Source: S & P Dow Jones Indices The entire global stock market capitalization (consisting of 48 countries) also hit a high the week of February 19, at $93.84 trillion. Global stock market capitalization 2/19: $93.84 trillion 4/4/25: $80.96 trillion Loss: $12.88 trillion (13.7%) Source: S & P Dow Jones Indices Note the global market capitalization decline of 13.7% is not nearly as bad as the 17.4% slump in the S & P 500, largely because Europe and Asia outperformed since the February high. You can see this if you look at global stock market capitalization excluding the U.S. Global stock market capitalization, ex-U.S. 2/19: $34.1 trillion 4/4/25: $32.05 trillion Loss: $2.06 trillion (6%) Source: S & P Dow Jones Indices The decline in the global markets ex-U.S. is only 6%, versus an 18.1% decline in the U.S. broad market. Bottom line: the U.S. led the way up in the global rally, and is now leading the way down. It remains to be seen whether global markets will follow through to catch up with the U.S. decline.