The Globe and Mail reports in its Monday edition that President Donald Trump has promised an era of American exceptionalism with policies prioritizing the U.S. A New York Times dispatch to The Globe reports that Mr. Trump's early moves, however, have negatively impacted the U.S. stock market. The S&P 500 has declined 6 per cent since his inauguration, while Germany's Dax index has risen 10 per cent and the Stoxx 600 has gained over 4 per cent. Other U.S. indexes are struggling as European markets benefit from increased military spending following Mr. Trump's calls for greater self-defence. Due to uncertainties over Mr. Trump's tariff policies and federal budget cuts, investment advisers are guiding clients toward global stock markets. Morgan Stanley's Jitania Kandhari says, "It is definitely time to be looking at ex-U.S." She has noticed an uptick in conversations with clients looking to increase their exposure to international stocks. Recently, Wall Street has issued numerous research notes and presentations recommending a shift away from the United States. "Respect resilience, fade U.S. exceptionalism, and worry about policy shocks," reads the title of a presentation from JPMorgan economist Bruce Kasman.