The world’s most widely followed stock-market benchmark slid into a correction on Thursday, a drop that underscores how the two-year-long bull market is running out of steam in the early days of the Trump administration.

The move stems from investors’ growing pessimism about the whipsawing policy pronouncements from Washington over the past few weeks. On-again, off-again tariffs and mass layoffs of federal workers have fomented unease on Wall Street.

On Thursday, the S&P 500 fell 1.4 percent. After weeks of selling, the index is now down 10.1 percent from a peak that it reached less than one month ago and is in a correction — a Wall Street term for when an index falls 10 percent or more from its peak, and a line in the sand for investors worried about a sell-off gathering steam.

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