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The Dow tumbled 363 points on Tuesday. The 1.4% drop is the index's worst since May. And the two-day loss of 2% is the worst since September 2016.

Although stocks are hovering just below all-time highs, back-to-back declines have been uncommon lately. The Dow has lost 540 points in two days.

The market selloff comes amid what had been a relentless climb. Pullbacks are normal and even healthy. They prevent stocks from overheating and give investors stuck on the sideline an opportunity to get in.

"We are long, long overdue for a serious correction," said David Kotok, co-founder of Cumberland Advisors. "Will this be the one that takes the market down 5% or 10% and scares the hell out of everyone?

Kotok suggested such a selloff could be good for the market in the long run because it would "create a new psychological base" from which to build on.

The Dow is up nearly 8,000 points since President Trump's election.

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