The ProShares UltraPro S&P 500 (UPRO) ETF closed down 1.69% to $94.57 on January 31, as the announcement of new tariffs set to take effect on February 1 created a risk-off environment in the US equity markets. The S&P 500 faced broad declines, particularly in sectors sensitive to global trade dynamics, such as energy. The imposition of tariffs has raised concerns about potential earnings declines due to increased costs, prompting investors to adopt a more cautious stance. This environment has led to value stocks underperforming growth stocks, as the latter are perceived to have better long-term prospects despite short-term volatility. Additionally, small-cap stocks are lagging behind their large-cap counterparts, as smaller companies often have less diversified revenue streams and are more susceptible to cost pressures from tariffs.