By April 30, Trump will have closed out his first 100 days in office. Despite last week’s rally, the S&P 500 Index is down about 8% since his inauguration and on track for its worst run during a president’s first 100 days since Gerald Ford in 1974, following Richard Nixon’s resignation.

Traders went all in on the America First bet immediately after Trump’s election victory, sending the S&P 500 to its best post-election gain ever. The thinking was the administration would loosen regulations and lower taxes, which would boost growth. But the president has instead focused on his tariff fight, sending markets spinning with each new announcement of levies on trade partners.

The S&P 500 lost more than 10% in two sessions earlier this month after Trump imposed the steepest US tariffs in a century on April 2. It then soared a week later when the administration reversed direction and delayed most of the duties for 90 days. Stocks have bounced around since then, but traders have struggled to find a direction.

And Wall Street is bracing for more. Speculators just widened their net-short position on S&P 500 futures to the highest since December, according to the latest CFTC data released on Friday.

The declines in equities since Trump’s inauguration on Jan. 20 have been led by the consumer discretionary and information technology sectors, with footwear company Deckers Outdoor Corp., semiconductor equipment manufacturer Teradyne Inc. and specialty chemicals producer Albemarle Corp. among the biggest losers. Other companies with struggling share prices include Elon Musk’s electric-vehicle maker Tesla Inc., United Airlines Holdings Inc., Delta Air Lines Inc., and Norwegian Cruise Line Holdings Ltd.

Consumer goods makers and the chip industry are grappling with the risk of higher costs from new tariffs, while travel companies are expected to feel the pinch as consumers tighten their purse strings if the economy starts struggling.