For a while, the theory that Donald Trump would avoid doing anything that tanked the stock market—named the “Trump put” after an options contract that can protect traders from downside losses—seemed to have failed catastrophically.

Up 54% since Trump took office, Palantir has emerged unscathed from the S&P 500’s worst start to a presidency in 51 years.

President Donald Trump’s first 100 days in office are the worst for the stock market for the start of a president’s four-year term since the 1970s.