Fear. It is one of the prevailing themes Wall Street is focusing on as they survey a US stock market that has staged a steady, albeit measured, assault on all-time highs over the past few months and as President Donald Trump settles deep into his chair in the Oval Office.

Nicholas Colas, chief market strategist at Convergex, told MarketWatch that hand-wringing about risk in the stock market amid growing political concerns is among the topics most frequently cropping up in discussions with clients, even as the Dow Jones Industrial Average, S&P 500 and the Nasdaq Composite Index hit relatively recent records. “The effect President Trump is having on capital markets is the first thing clients want to talk about. For many, it is the only thing,” Colas told MarketWatch.