White House officials are staying positive though.
"Look, markets do fluctuate in the short term," said Raj Shah, a deputy White House press secretary. “The fundamentals of this economy are very strong, and they're headed in the right direction.”
Economists contribute the dip to a litany of different factors including increasing wage pressure and high valuations.
Ex Fed Chief, Janet Yellen argues that this could be a good thing for the market. This prevents stocks from overheating and gives investors who are looking for an opportunity to buy into strong stocks.
If you want to read more about the drop and its effects on the market you can follow the link below.