The rout had no shortage of explanations among Wall Street traders.
Investors had started warming up to developing-nation funds well before last week's optimism about U.S.-China trade tensions and the outlook for Fed policy.
Investors worry rising rates might slow lending and raise the amount the banks have to pay customers in interest.
Wall Street is split on whether good news on the Fed and easing of trade tensions were enough to overcome weakening economic fundamentals.
Any suggestions that increase costs, work or liability will likely fall on deaf ears.
Report by Merrill Edge surveys 18- to 40-year-olds with investible assets of $50,000 to $250,000.
Latest rally leaves traders little room to ratchet down expectations for Fed rate hikes next year.
The tax agency says it won't try to collect retroactively when the higher exemptions expire in 2025.
As investors steer clear of risk, ETFs holding utilities, consumer staples and health care companies benefit.
Last year's tax overhaul made state and local government debt less attractive to financial institutions.
