The S&P 500 fell 1.4% on Thursday, marking its lowest point of the year and sliding into a market correction, as it is now down 10.1% from the all-time high it reached less than a month ago. The Dow Jones Industrial Average also hit a year-to-date low, closing down 537 points.

Trump in an interview with Fox News on Sunday had declined to rule out the possibility of a recession, contributing to investor anxiety. Trump told reporters Tuesday that the market selloff does not “concern” him and that he “doesn’t see” a recession.