The U.S. stock market is holding steadier on Wednesday, for now at least, following the sharp tumble that wiped out the last of the “Trump bump” it received following the presidential election in November.

As stocks traded near records 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.

Market volatility has picked up, but it's still too early to call a stock market sell-off. After all, the Nasdaq Composite (NASDAQINDEX: ^IXIC) is down just 4.7% year to date, and the S&P 500 (SNPINDEX: ^GSPC) is down a little over 1% at the time of this writing.

Wall Street lost momentum before the opening bell Tuesday and markets in Europe and Asia slid after new tariffs were imposed by U.S. President Donald Trump, and more retaliatory tariffs were announced by China.