Global Capital Rebalancing Accelerates: Why US Stocks Remain the Cornerstone of Asset Allocation in H2 2026?

September 2026, as the global economic landscape continues to evolve, international capital flows present new characteristics. Despite intertwined factors such as geopolitical risks, inflationary pressures, and economic cycle fluctuations, top Wall Street investment banks and research institutions generally believe that the core position of US stocks in global asset allocation has not only been weakened but further strengthened. This article analyzes from multiple dimensions why buying US stocks remains a strategic choice for global capital allocation in H2 2026.

US Stock Market Performance: Major Indices Hit New Highs, Profitability Resilience Exceeds Expectations

As of September 2026, US major indices continued their strong performance, with the S&P 500 breaking through the 6,200-point mark, the Nasdaq standing above 17,000 points, and the Dow Jones Industrial Average also climbing to new highs. This performance forms a sharp contrast with the slowdown in global economic growth, highlighting the relative resilience of the US stock market.

From a fundamental perspective, Q2 2026 US corporate earnings exceeded market expectations. S&P 500 component companies' overall profits grew by 8.7% year-on-year, with particularly outstanding performance in technology, healthcare, and industrial sectors. Notably, the US earnings structure is undergoing positive changes, no longer overly dependent on a few large tech companies, but showing a more balanced profit diffusion trend.

Wall Street Institutional Views: Consensus Formed, Bullish Reasons Sufficient

Recently, top Wall Street investment banks and research institutions have successively released H2 2026 market outlook reports, unanimously optimistic about the core position of US stocks in global asset allocation. Goldman Sachs, Morgan Stanley, JPMorgan Chase and other institutions believe that the US stock market has three core advantages, making it a "must-have" for global capital allocation.

1. Agglomeration Effect of Global Leading Enterprises

The US stock market brings together the world's most innovative and profitable leading enterprises. Taking the S&P 500 as an example, its component companies include industry leaders from around the world, possessing strong brand moats, technological innovation capabilities, and global market layouts. Especially in cutting-edge fields such as artificial intelligence, biotechnology, and clean energy, US companies occupy an absolutely leading position.

Tech giants represented by NVIDIA, Microsoft, and Google are leading the global AI revolution, while healthcare companies like Johnson & Johnson and Pfizer are showing long-term growth potential amid the aging population trend. The global competitiveness of these enterprises provides solid profit support for US stocks.

2. Valuation Advantages and Market Depth

Despite repeated new highs in US stock indices, valuation levels remain in a reasonable range. Compared with major global markets, the US stock market has higher liquidity and depth, providing investors with broader investment choices and more efficient trading mechanisms. Additionally, the US market valuation structure is more reasonable, with both growth and value stocks coexisting, providing allocation space for investors with different risk preferences.

The vigorous development of the ETF market has further enhanced the investability of US stocks. Currently, there are over 3,000 US stock ETF products covering various investment themes and strategies, allowing investors to conveniently achieve diversified allocation across industries, styles, and regions through ETFs.

3. Positive Impact from Fed Policy Shift

September 2026, the Fed has clearly signaled interest rate cuts, with market expectations of 2-3 rate cuts this year. This policy shift provides dual support for the US stock market: on one hand, the rate-cutting environment helps boost stock valuations; on the other hand, loose monetary policy will create favorable conditions for corporate financing and investment.

Historical data shows that in the initial stages of Fed rate-cut cycles, the US stock market often performs excellently. Especially in the case of a soft economic landing, rate-cut policies can effectively hedge against economic downside risks and provide liquidity support to the market.

Why Buy US Stocks: Five Core Logics

Combining Wall Street institutional views and market performance, the reasons for buying US stocks in H2 2026 can be summarized into the following five core logics:

  • Global Innovation Hub Status: The US stock market is the birthplace of global technological innovation, gathering numerous companies with disruptive technologies and business models. From AI to biotechnology, from clean energy to space exploration, US companies lead global innovation trends in various cutting-edge fields.
  • Continuously Improving Profit Quality: US companies' profitability maintains a leading position globally, with continuously improving profit quality. In recent years, US companies' cash flow conditions have steadily improved, with more active repurchase and dividend policies, creating continuous returns for shareholders.
  • Mature and Effective Market Mechanism: The US stock market has a complete legal system, transparent information disclosure mechanisms, and efficient regulatory frameworks, providing investors with a relatively fair and transparent investment environment.
  • Diversification Value in Asset Allocation: US stocks have relatively low correlation with other major markets, showing significant diversification value in global asset allocation. Especially against the backdrop of increasing global economic uncertainty, the allocation value of US stocks is more prominent.
  • Long-term Investment Return Advantage: Historical data shows that the long-term investment return rate of the US stock market is significantly higher than other major asset classes. Even considering recent high valuations, the long-term investment value of US stocks remains attractive.

Risk Factors and Response Strategies

Despite the optimistic outlook for US stock investment, investors should still pay attention to the following risk factors:

1. Valuation Pressure and Volatility Risk

Valuations in some US sectors have reached historical highs, especially in technology stocks. Valuation pressure may lead to increased market volatility, and investors should pay attention to valuation adjustment risks. It is recommended that investors adopt dollar-cost averaging strategies to smooth the impact of market fluctuations on their investment portfolios.

2. Geopolitical and Policy Risks

Geopolitical tensions and policy changes in various countries may impact global markets. Investors should closely follow international developments and appropriately control risk exposure to single countries or regions.

3. Economic Growth Slowdown Risk

A slowdown in global economic growth may negatively affect corporate earnings. Investors should monitor economic data changes and appropriately allocate to defensive sectors such as healthcare and utilities.

Investment Strategy Recommendations

Based on the above analysis, H2 2026 US stock investment strategies should follow the following principles:

  • Core-Satellite Allocation Strategy: Use broad market index ETFs as core allocation supplemented by industry thematic ETFs as satellite allocation to achieve risk diversification and return enhancement.
  • Style Balanced Allocation: Balance allocation between growth and value stocks to avoid single-style risks. In the current environment, the proportion of value stocks can be appropriately increased.
  • Industry Diversification: Maintain reasonable allocation across major industries such as technology, healthcare, finance, and industrial sectors to avoid over-concentration in a single industry.
  • Regular Rebalancing: Set rebalance trigger conditions for investment portfolios, regularly adjust the proportions of various assets to control risks and lock in returns.

Conclusion: The Core Position of US Stocks in Global Asset Allocation is Irreplaceable

In H2 2026, despite numerous challenges facing the global economy, the core position of US stocks in global asset allocation remains stable. The agglomeration effect, valuation advantages, policy support, and long-term investment return advantages of the US stock market make it the cornerstone of global capital allocation. While paying attention to US stock investment opportunities, investors should also fully understand related risks and adopt scientific asset allocation strategies to achieve long-term, stable investment returns.

With the continuous evolution of the global economic landscape and accelerating capital flows, the US stock market will continue to play an important role in global asset allocation. For investors seeking long-term capital appreciation, reasonably allocating to US assets and seizing structural opportunities in the US stock market will be an important path to achieving wealth growth.