President Donald Trump’s policies are sending tremors through Wall Street, but they’re having the opposite effect an ocean away.

The America-first White House doesn’t seem bothered by a last-place stock market. It didn’t take long for U.S. stocks to fall from global favorites to laggards. Just weeks into 2025, the S&P 500 has ceded its leadership to international indexes and no one in Washington has blinked.

Fintech companies tied to consumer spending and small businesses face greater losses as economic concerns weigh on the stock market, according to CNBC. While the Nasdaq declined, Shift4, Toast, and Bill.