For the past few months, President Donald Trump has happily, and consistently, claimed credit for at least one economic indicator: the rising stock market. But on Tuesday, the Dow, Nasdaq, and S&P—the indices that Trump loves to point to as proof of his economic success—all precipitously declined by at least a full percentage point, the worst showing since Trump’s victory. Both the S&P 500 and the Dow Jones Industrial Average dropped more than 1 percent, their worst performance since the fall of 2016. The Nasdaq dropped nearly 2 percent.

The so-called Trump Bump refers to stock market indexes climbing since November of last year, soon after it became clear that Trump was going to pull off a surprising victory over rival Hillary Clinton. What many thought might be a short-lived phenomenon was solidified when the rally continued into 2017. In January, less than a week after Trump officially took office, the Dow hit 20,000 for the first time ever (a largely psychological milestone).

In fact, all three major market indices hit new highs, gaining more than 10 percent in the post-Trump victory market. And many U.S. companies, including Goldman Sachs, Citigroup, and Delta, announced strong fourth-quarter earnings. Analysts speculated that markets seemed to be doing better amid political clarity, and hoped that a pro-business administration would lower corporate taxes and curb regulations. In February, Press Secretary Sean Spicer proudly linked the economic gains to the new administration saying, “the President knows better than anyone what businesses need to create jobs, and the market is responding to his policy improvements.”