President Trump called off negotiations on Tuesday for another COVID stimulus bill, saying that House Speaker Nancy Pelosi was not negotiating in good faith.

The announcement caused the S&P 500 to drop by nearly 2%. The Dow Jones Industrial average also lost about 1.9%, or about 500 points. The market had been up for the day just prior to the announcement.

“Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19,” Trump said on Twitter. “We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”

Trump said he had asked Senate Majority Leader Mitch McConnell to focus instead on the confirmation of Judge Amy Coney Barrett to the Supreme Court.

McConnell had appeared lukewarm about the ongoing stimulus negotiations between Pelosi and Treasury Secretary Steven Mnuchin.

Last week, House Democrats passed a $2.2 trillion stimulus package that was meant to formalize their bargaining position. The bill would have provided a fresh $1,200 payment to each taxpayer, along with $436 billion to state and local governments. It also would have extended the Paycheck Protection Program to the hardest hit businesses.

Jerome Powell, the chairman of the Federal Reserve, advocated earlier on Tuesday for a stimulus bill, warning that failing to pass one would result in a “weak recovery.”