The US stock market has been the gold standard for decades. But investors around the globe are growing increasingly nervous about the fallout from President Donald Trump’s economic agenda. That has sent traders in search of stocks in Europe and Asia.

Wall Street has seen the largest drop in allocation to US stocks on record since data collection began in 1999, according to a Bank of America survey. Meanwhile, the survey showed the largest increase in allocation to European stocks since 2021.

That’s in part because investors think US exceptionalism may have peaked, analysts at Bank of America wrote.

After the benchmark S&P 500 soared over the past two years, some investors were already uncertain about prospects for another stand-out year. But now, Trump’s approach to trade and foreign policy is contributing to a broad shift in investors’ perception of the stability of US markets.

“There seems to be a sea change in overall investor sentiment,” said David Russell, global head of market strategy at TradeStation.

The Dow on Friday edged higher by 32 points, or 0.08%. The broader S&P 500 gained 0.08% and the Nasdaq Composite rose 0.52%. The end-of-day rally helped the S&P 500 and Nasdaq snap a four-week losing streak.

The S&P 500 is down about 4% this year, lagging indexes around the globe that have all gained, including in China, Europe and Mexico.