CNBC reporter Bob Pisani seemed shocked on Wednesday after markets trended down even though President Donald Trump named CNBC anchor Larry Kudlow as his new economic adviser.

“When Larry was nominated people down here were happy,” Pisani reported from the trading floor. “Larry is beloved down here by me and a lot of other people because he’s here a lot. He has a lot of friends. A lot of people think very highly of him as I do.”

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“But what you see here is it’s not really moving the markets that much,” he lamented. “And that suggests to me that the markets don’t think there’s going to be a particular big change in trade policy.”

At the time of Pisani’s broadcast, the Dow Jones Industrial Average was down by over 200 points.

Watch the video below from CNBC.