Left over momentum from the election. Stocks rose pretty continuously from the election on because businesses expected a “pro-corporate” President. They started correcting a week after Jan. 20th inauguration and his tarriff tantrums began to bear fruit, corpos realized they fucked up. “YTD” being zero or only slightly positive/negative only means the markets have fallen back to where they started pre-Trump.

There is a long, loooooong way to fall still.