Six months after beginning of this year leading shares of S&P 500 index at Wall Street have not impressed investors yet, Bloomberg reports.

Index of 500 largest US corporations grew by 1,7% compared to the last year so far. It is much lower than 8% rise in the first half of 2017. At the same time tech-heavy Nasdaq and small-companies index Russell 2000 reached record levels.

Taking into account dividends, S&P 500 returns in 2018 were just 3%, much lower than 22% last year.

Despite market rise due to tax reform in the beginning of 2018, threat of trade war between the US and China cooled investors’ optimism.

Today investors bet on small companies, which in their opinion will benefit more from tax reduction and less influenced by worsening global trade.

Russell 2000 grew up 7% this year, and Nasdaq by 9%.

Dow Jones Industrial Average Index fell 2% within last six months due to losses among 3M Co, Procter & Gamble Co, Caterpillar Inc and General Electric Co.

Financial companies that represent 11% in S&P 500 lost 11% compared to last record high level. Morgan Stanley, Goldman Sachs Group Inc and Citigroup Inc lost 15% or more each.

Analytics surveyed by Reuters last month forecast yearly growth of S&P 500 at 7% in 2018. It is higher than 9% estimated in February.