When you open the trigger, you are letting pressure into the open air, thus only registering 100 psi... risidual pressure? The guage will not register 300 psi when the triger is open.
If the guage registers 300 psi when then triger is closed all should be well with the pump.
If you notice loss of flow at the jetts, it could be that the wand filters are getting blocked.
John