Trump's Policies Weigh Heavily on U.S. Investment Funds Since Donald Trump's inauguration, all U.S. funds in the IA North America sector have reported losses. Market concerns over tariffs, inflation, and layoffs have driven the S&P 500 down 10.4% and Nasdaq down 14.2%. Consumer discretionary stocks, in particular, have suffered, with some ETFs experiencing losses nearing 20%.2