Investors are ditching emerging market stocks as they brace themselves for president-elect Donald Trump’s proposed trade tariffs and contend with a soaring US dollar and rising bonds yields. MSCI’s emerging markets index,

The stock market’s Trump-fueled honeymoon has fallen short of inauguration day. While the S&P 500 eked out a gain to start the week, the index remains effectively unchanged from the day before the election.

Stock-market investors are turning jittery over something which has apparently happened only two times in the bond market since the early 1980s: The 10-year Treasury yield has jumped by about as much as the Federal Reserve has cut interest rates over the same period of time.