Global earnings growth outpaces U.S. despite AI focus, Fidelity’s Timmer says

Fidelity’s Jurrien Timmer said global earnings growth has been stronger outside the U.S., challenging the dominance of the AI-led market narrative. The observation suggests that international earnings momentum — not just U.S. AI winners — is driving parts of the market, which has implications for sector and regional leadership and portfolio positioning. The article notes recent market weakness (the S&P fell nearly 4% on Monday) and shows modest intraday moves in major ETFs and indexes, underscoring that macro and earnings breadth outside the U.S. may be important for near-term performance of the US SP 500.