Economist cover: The union’s troubled state

Many small-cap industries and sectors outpaced their large-cap counterparts over this 6-month period, a sign of the broadening equity rally and the role of other secular investment themes in play.

By Tuesday’s close, all three averages were down 3 percent on the week, and the S&P had given up its post-election gains. Stocks fell as tariffs affected Canada, Mexico, and China. Each country announced retaliatory tariffs of their own, further fanning inflationary fears among investors.