The United States, meanwhile, becomes a recipient of global capital flows when uncertainty shadows over developed‐nations’ capital markets and emerging market growth prospects.   
 
So, from an equities perspective the US has outperformed global stock markets; and from a global growth perspective commodities have been beaten down.  
 
From here, if you believe global growth will remain subdued and other fundamental risks will hurt economies and markets throughout the world, it’s tempting to expect US stocks will play catch‐up and move lower with global equities and commodities. After all, the Federal Reserve hasn’t brought new quantitative easing to the table and likely won’t for some time.  
 
But it may be a bit premature to expect US equities will plunge. Likewise, this downturn in commodities may be getting a bit long in the tooth.