Fidelity has warned that American investors may be sitting back too long due to the global rally. The MSCI World (ex U.S.) Index, which delivered a 32.7% total return last year, compared with 17.9% for the S&P 500, has lagged behind. This comes after international stocks topped US. stocks in 2025 for the first meaningful stretch in nearly two decades. The IMF's January 2026 World Economic Outlook predicts global GDP growth of 3.3% this year, outpacing the U..S. at 2.4%. Fidelity's Capital Markets Strategy Group highlighted that earnings growth has strengthened across all major global regions. The company also highlighted three regional themes: Europe, Japan, and Latin America.