NEW YORK (CNNMoney) -- Wall Street's faith in the fate of the Trump agenda has been shaken, if not shattered, by political reality.

This week's market tumble is evidence of how the "Trump trade" that sent stocks and other risky assets booming after the election is showing serious cracks amid President Trump's struggles to push through a replacement for Obamacare.

Not only is the Dow on track for its worst month since January 2016, but other warning lights are flashing, too.

Favorite sectors like banks, manufacturers and small cap stocks are suddenly seeing red. Oil prices have collapsed to $47 a barrel, the U.S. dollar slumped to a four-month low against the Japanese yen and the VIX volatility index has shown signs of life.

Gold, which often rises during times of fear, has soared 8% so far this year and CNNMoney's Fear and Greed Index has swung back into "fear" territory. Cash fleeing to the safety of government bonds have lowered the 10-year Treasury yield down to 2.39%, a dramatic reversal from 2.62% just two weeks ago.

"The bumbling on the health care bill has people losing faith in the Trump Bump," Michael Block, chief market strategist at Rhino Trading, wrote in a note to clients on Wednesday.

Tax cut jitters

On Tuesday, the Dow plunged 238 points, its biggest decline since September, as it became clear that Trump's Obamacare replacement bill is in doubt due to opposition from conservative Republicans.

Wall Street worries that the health care trouble could delay, or even derail, the other "pro-business" promises that have underpinned the Trump rally. That includes "massive" tax cuts that would juice corporate profits, as well as a push for dramatic deregulation and a burst of infrastructure spending.

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