The S&P 500 has retaken all-time highs. Here’s how much European and Chinese stocks raced ahead while U.S. markets regained lost ground

• U.S. stocks have completed a massive round trip, with the S&P 500 returning back to where it was about four months ago. That’s after an epic selloff triggered by President Donald Trump’s steeper-than-expected tariffs, which have since been put on hold. Meanwhile, stocks in Europe and China have soared as investors turned away from “American exceptionalism.”

The S&P 500 retook the all-time high set on Feb. 19 and surpassed it on Friday, completing a massive roundtrip...