Both rising rates and President Donald Trump's tough talk on trade have weighed on the rest of the stock market this year. For the former, market players fear the struggling equities environment which follows substantial moves in rates. Five months after a rate spike like the one seen in the first quarter, the S&P 500 declines on average by 0.3 percent. The second factor, Trump's trade talk, has destroyed more than $1 trillion market value so far, according to J.P. Morgan on June 6. The firm highlighted the impact of trade and protectionist ideology as significant market headwinds, which have only continued to escalate. "Returns reflect markets facing macro uncertainty and tightening financial conditions," BlackRock global chief investment strategist Richard Turnill wrote in a note Tuesday.

https://www.cnbc.com/2018/07/10/amazon-netflix-and-microsoft-hold-most-of-the-markets-gain-in-2018.html