The fourth quarter saw a return to risk-off behavior by investors as equity indexes were down across the board. Gold and U.S. Treasuries were the few bright spots with U.S. stocks experiencing the drawdown that international stocks had experienced earlier in the year. The S&P 500 experienced a 20% intra-year drawdown for the first time since 2009. This drawdown bottomed out on Christmas Eve, making it the worst on record. It was, however, followed by the best day-after Christmas on record. The realization of slower global growth and continued uncertainty with government shutdowns and tariffs were primary triggers for the selloff.