Citigroup has downgraded its rating on the U.S. stock market to neutral.

On April 14, Jin10 reported that Citigroup’s equity strategy analysts have downgraded the rating on the US stock market, stating that recent developments such as DeepSeek, the European fiscal stance, and trade tensions have reinforced their view on diversifying investments outside the US market. “From the perspectives of GDP and EPS, the driving factors of the ‘exception thesis’ are fading,” said Beata Manthey and other strategists from the bank as they downgraded the US stock market rating from overweight to neutral. Citigroup noted that the US market remains relatively expensive, and the trend of EPS downgrades is intensifying.