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After Thursday's two percent decline in the S&P 500, below is a look at how asset classes across the financial spectrum performed.

What a brutal stretch it has been for US equity investors. Growth name weakness has spilled over into the rest of the market for the time being, and US-focused ETFs are showing it, drastically underperforming peer indices in the rest of the developed world and the emerging markets alike. While returns haven't been spectacular recently anywhere outside of EM, the persistent selling in US markets hasn't been replicated to the same degree, although Italy, Japan and Russia have been the laggards among international equity markets.

In non-equity asset classes, there's an entirely different feel. Currencies, commodities, and fixed income focused funds are all thumping equity allocations. Precious metals are still down month-to-date, but continued volatility in US stocks is likely to reinforce the recent bid for these assets. Meanwhile the US yield curve has been bull steepening as the equity markets re-align, helped along by dovish comments littered throughout the Federal Reserve's release of its March Federal Open Market Committee minutes on Wednesday.

While EM names and non-US equities have been boosted by the roll-over in US markets, we're interested to see if a larger risk-off mentality spreads from American bourses to overseas markets, or if the US weakness is a more localized phenomenon. Bulls are not comfortable domestically; will that feeling spread abroad too?

Source: U.S. Stocks Ravaged As Other Asset Classes Hold Their Own