Something unusual is happening across global markets. Record streaks, rare rotations and historic moves are surfacing at the same time.
From global equities to commodities to individual stocks, trends are emerging that we haven't seen in years — and in some cases, ever.
Here are seven charts quietly reshaping market leadership — even if few are paying attention.
1. Global Stocks Are On a Historic Run, But The US Is Not Joining The Party
The All Country ex-U.S. ETF (NYSE:ACWX) – the benchmark tracking global equities outside the United States – has now logged 10 straight weeks of gains — the longest streak on record.
At the same time, the iShares MSCI Emerging Markets ETF (NYSE:EEM) has also advanced for 10 consecutive weeks, another all-time streak.
Is the center of gravity in global markets shifting away from the U.S.?
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2. Precious Metals Extend Their Historic Moves
Gold has outperformed the S&P 500 for seven straight weeks, the longest stretch since February 2008.
Silver has gone even further — 10 consecutive months of gains, an unprecedented streak.
Historically, these types of moves preceded major economic shocks.
What are precious metals trying to tell us this time?
Read also: Gold Is Sending A Message We Haven’t Heard Since 2008
3. South Korea Is On Fire
The iShares MSCI South Korea ETF (NYSE:EWY) has climbed for 10 straight weeks, its longest streak since January 2006.
Even more striking, the broader South Korean equity market has surged 55% in just two months — the strongest two-month performance since April 2009.
As U.S. tech begins to wobble, parts of tech in Asia are staging blockbuster rallies.
Is the center of gravity in global technology starting to shift?
4. Energy Is Beating Tech — By A Lot
The Energy Select Sector SPDR Fund (NYSE:XLE) has outperformed the Technology Select Sector SPDR Fund (NYSE:XLK) for 9 straight weeks — an unprecedented stretch.
Meanwhile, the VanEck Oil Services ETF (NYSE:OIH) has posted nine consecutive weekly gains, its longest run since 2022.
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5. Value vs. Growth: A Comeback We Haven't Seen Since 2001
The iShares Russell 1000 Value ETF (NYSE:IWD) has surged relative to the iShares Russell 1000 Growth ETF (NYSE:IWF), with the value-versus-growth trade up 12% over the past two months — the strongest relative move since March 2001.
That's not a small swing. It's the kind of rotation that historically shows up at major turning points in market leadership.
Read also: Winners And Losers Of AI: The New Divide Reshaping US Market Leadership
6. A Historic Pullback in Microsoft
Microsoft Corp. (NASDAQ:MSFT) has now recorded five consecutive monthly losses, its longest losing streak since February 2009.
For one of the market's most dominant mega-caps, that kind of sustained weakness is rare — and it suggests that even the most crowded leadership trades are no longer immune to pressure.
7. A Warning From Apollo
Apollo Global Management Inc. (NYSE:APO) has declined over 20% in February, the worst month since 2011.
In a month dominated by concerns over AI-driven disruption in software, investors have also been unloading asset managers — a sign that anxiety may be spreading beyond tech and into private equity and credit markets.
Is this where the next crack could emerge?
Read also: AI Disruption Is Reshaping Software — And Credit Markets May Be Next
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