U.S. stocks fell the most since the November election, while Treasurys advanced with gold as Donald Trump’s order on immigration raised concern that he may follow through with isolationist policies touted on the campaign trail, overshadowing a pro-growth agenda.

Instead, the focus in the administration’s early days has been on trade and immigration, with little clarity on tax and business reform.

The Dow Jones Industrial Average lost 175 points, retreating below 20,000 after closing at records last week. The S&P 500 Index slid the most since Nov. 1, as Trump’s ban drew a rebuke from some Republican lawmakers, raising the specter of a rift between the executive and legislative branches.

The dollar fell versus the yen and precious metals advanced as investors favored haven assets. The yield on 10-year Treasury notes slipped two basis points. German price growth rose at the fastest pace in 3 1/2 years.

The rout in riskier assets Monday represented the biggest market rebuke yet to the new administration’s policy preferences after U.S. stocks had staged one of the best-ever post-election rallies on speculation Trump would pursue pro-growth policies.

While Trump on Monday promised to do a “big number” on the financial regulations in Dodd-Frank, bank shares plunged the most since Jan. 17.

“Global risk sentiment appears to have been jolted somewhat by the weekend focus on President Trump’s moves on immigration,” according to Scotiabank strategists led by Shaun Osborne in Toronto. “The focus on U.S. political developments may restrain for now the underlying bid” for U.S. assets.