One global strategist is calling U.S. President Donald Trump’s recent warning to North Korea a wake-up call for markets.  

“I think you’ve got to say…to hear Trump speak so harshly is a wake-up call that we may now be into a rockier period,” Greg Valliere, chief global strategist at Horizon Investments, said in an interview with BNN Wednesday.

“I think it might be a rocky period in September as well because we are hopelessly behind getting a budget done, we are hopelessly behind on raising a debt ceiling.”

During a briefing on opioid addiction at his golf course in Bedminster, New Jersey, on Tuesday, Trump warned North Korea faced "fire and fury like the world has never seen" if the country made any more threats against the U.S.  

The comments pushed global stocks into the red on Wednesday, and drove investors to perceived safe havens including gold, the yen and the Swiss franc.

“I think for the overall stock market, which may be a little overbought right now, this is the first thing to come along in quite a while that would be unnerving,” Valliere said.

Trump added fuel to the fire Wednesday when he took to Twitter to say the U.S.’s nuclear arsenal is “far stronger and more powerful than ever before.”

Valliere said that while he doesn’t think an all-out war between the U.S. and North Korea is looming, a major geopolitical event could derail the stock market’s bull run.

“I think if something really provocative were to occur – if North Korea launched another missile test tomorrow – I think that would be quite unnerving considering the climate we’re in right now,” he said. 

“To me, there’s only two things that could really derail this very bullish stock market: one would be a geopolitical crisis, the other would be a sign that Trump tax reform, the Trump tax cuts, were dead.”