Investors shifted focus from tariffs to concerns over ballooning US debt, deficit, and rising interest payments. Check out the market here and my recommendation.

Investors have been warily eyeing rising Treasury yields since the start of May, with some fretting that the latest jump in borrowing costs could soon start hurting stocks.

In April, the mature stock-driven Dow Jones Industrial Average ( ^DJI -0.61%), benchmark S&P 500 ( ^GSPC -0.67%), and growth-oriented Nasdaq Composite ( ^IXIC -1.00%) showed that markets can, indeed, move in both directions.

The S&P 500 is lagging an MSCI index tracking global stocks by more than 10 percentage points this year, according to Dow Jones Market Data. If that gap holds through year-end, it would be the widest annual margin since 1993.

As the U.S. threatens the rest of the world with tariffs, it appears the U.S. stock market is taking the trade war the hardest. Morningstar reported that foreign large-blend stock funds have returned 12.

U.S. family offices, the private investment arms of wealthy families, had 86% of their portfolios in North America in the first quarter, up from 74% in 2020.

The result was a huge spike in the U.S. money supply -- specifically, the measure of money supply known as M2. It's a measure of all the cash people have on hand, the money deposited in checking and savings account, and other short-term investments like certificates of deposit (CDs) maturing within a year.

Stocks are essentially flat during the second year of a presidential term — and soar in the post-midterm election third year.

The "sell America" trade hasn't waned among global investors surveyed by JPMorgan even as US stocks have rallied back after April's tariff chaos.