News out of Washington seemed to have a direct impact on Wall Street this week.
On Wednesday, the Dow Jones Industrial Average fell 373 points, the biggest single drop of the year and the worst day since September, while the Nasdaq had its biggest drop since June.
The depth of the move took some market professionals by surprise, given that stocks have rallied strongly on the heels of a "Trump Trade" that banks heavily on President Donald Trump passing a pro-growth legislative agenda. Now, it would appear investors have their doubts.
"It came as a bit of a shock this week to see this move," J.P. Morgan Asset Management chief global strategist David Kelly told CNBC's "On the Money" in an interview.
The steep drop occurred the day former FBI Director Robert Mueller was appointed special counsel to investigate possible connections between Trump's campaign and Russia during the 2016 election. With some investors getting nervous, it raises the question of whether Wall Street is in for more volatility if more turmoil engulfs the White House.
"We'll just have to see how events play out. If the investigation continues quietly in the background, maybe there's not much fallout," Kelly told CNBC. "But if we get more revelations or more reaction from the administration, that sort of changes the odds, and there could be more volatility."