The Dow and S&P 500 suffered their largest losses since mid-October, as market sentiment sours for the first time on Pres. Trump’s ability to accomplish the promised pro-growth policies of tax reform and stimulus.

The Dow and S&P each closed with losses exceeding 1% for the first time in a history-making 110 trading days, led by a major reversal for financial stocks (-2.9%), which had led the post-election charge higher.

Bank of America sank 5.8% amid the selloff in banks, making it the biggest percentage decliner on the S&P 500 and the NYSE’s most actively traded stock.

Following financials lower, the consumer discretionary, industrials, materials, and tech sectors closed down by 1.2%-1.7%.

The health care sector (-0.8%) fell as the Republicans’ proposed health care legislation will go the the House floor on Thursday, but reports indicate that the bill lacks enough votes for passage, which would mean further delays in tax reform and infrastructure spending plans that have supported stock prices.

The rate-sensitive utilities sector (+1.4%) easily topped the day’s leaderboard, profiting from increased buying interest in the Treasury market, sending yields lower for the third straight session; the benchmark 10-year yield ended 3 bps lower at 2.43%.

Meanwhile, U.S. crude futures fell 1.8% to settle at a four-month low $47.34/bbl, with stubbornly large global inventories and accelerating production in the U.S. reigniting a selloff.

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