Wall Street’s sell-off kicked back into gear on Thursday, and a U.S. stock market rattled by the whiplash created by President Donald Trump’s tariffs and uncertainty about the economy fell sharply. The S&P 500 tumbled 1.

As stocks bounced to record highs last month despite threats from President Donald Trump’s trade policies, sticky inflation and a suddenly fragile economy, strategists theorized an invisible hand was at work: Trump’s.

All three major U.S. markets sank before regaining lost ground on fears a trade war will hobble the world’s largest economy and boost inflation.