The Vanguard S&P 500 ETF (VOO) closed at $553.33 on January 31, 2025, down 0.53% as the S&P 500 index fell 0.50% to 6,040.53, driven by investor concerns over impending tariffs. President Donald Trump's announcement of tariffs set to take effect on February 1 has created a risk-off environment, leading to a broad sell-off in US equity markets. The energy sector, heavily reliant on global trade, was particularly affected, while value stocks underperformed growth stocks due to fears of increased costs impacting earnings. The market's fear premium rose, with the VIX and implied volatility indicating a greater demand for downside protection. Additionally, the tech sector faced pressure from Nvidia's significant losses following the emergence of DeepSeek's AI model, which cast doubt on the sustainability of high valuations in the sector.