U.S. stocks drifted lower, as Wall Street's momentum cooled a day after charging back within a few good days’ worth of gains from its all-time high.

The tongue-in-cheek term describes the pattern in which markets tumble after President Donald Trump makes tariff threats, then rebound when he relents.

Wall Street’s roller-coaster ride created by President Donald Trump’s trade policies whipped back upward on Tuesday, this time because of a delay for his tariffs on the European Union. The S&P 500 leaped 2% in its first trading since Trump said Sunday that the United States will delay a 50% tariff on goods coming from the European Union until July 9 from June 1.