The US stock market continued to see a slowdown in the momentum that had buoyed the market since Donald Trump's election victory, with the three main indexes all seeing their biggest declines so far this year.

Consumer confidence has also dropped from the highest levels it had reached in 15 years, which many commentators are attributing to the most recent actions of the US president.

Trump's latest executive order, a temporary travel ban on refugees and people from seven Muslim-majority countries, is seen as a warning that while having a business mogul in the White House might seem good for companies, some of his other plans may not be as market-friendly.

The NASDAQ declined by 0.6% to 5.581, while the Dow Jones fell by 0.7% to 19,827, and the S&P 500 by 0.5% to 2,270.

Peter Cardillo, chief market economist at First Standard Financial, told Market Watch that he believes "the indexes are likely to consolidate in a defensive trading range without much direction as a new round of rotation begins".

The reaction to Trump's "Muslim ban" has prompted fears that the market will remain volatile in the coming months.