U.S. equities and stock ETFs were among the worst performing asset categories in the first three months of the year.

Rising interest rates and bond yields, President Donald Trump’s trade tariffs and news of privacy breaches at Facebook have all contributed to heightened market volatility and the drag in U.S. stocks so far this year, reports Kate Beioley for the Financial Times.

The sudden turn in fortune has caught many investors flatfooted. According to data provider FE, investment trusts invested in North America enjoyed strong returns in 2017 but were the second-worst performing category of all equity funds in the first quarter of 2018. North American sector funds were the fourth worst performers of all the Association of Investment Companies’ open-ended fund categories in the first quarter.

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While U.S. stocks have enjoyed huge success under a low interest rate divorcement, with tech giants like Apple and Amazon leading the charge, the lofty valuations have made it increasingly hard for companies to maintain the high expectations. Consequently, any uncertainty fueled panic in the markets.