The modest decline in the overall US equity averages today understates the degree of the turnaround from yesterday’s ebullient Trump trade. The worst-performing sector as of midday was construction machinery (Caterpillar and Cummins Engine), down 3.31%. Regional banks, one of yesterday’s best performers, were down 1.86%. Casino and gaming, yesterday’s top performer, gave back 2%. The composition of declines suggests that the Administration has its work cut out for it in following through on policy promises.