Photo: Andrew Burton/Getty Images

Stocks got slammed on Thursday, with the Dow Jones Industrial Average finishing down 2.83%, or 662 points. The S&P 500 fell 2.48%, while the Nasdaq Composite lost 3.04%.

The bottom line: This was a severe hangover from the Apple's revenue warning tied to China's slowing economy, as well as Trump economic adviser Kevin Hassett saying that other U.S. companies will have China-related earnings trouble until the trade war is resolved. Apple's stock shed 9.96%, representing nearly $75 billion in lost value, while Apple suppliers and other companies with high China exposure (like Caterpillar, down 3.92%) also got hit hard.

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Downtown Chicago hit by widespread looting

Police officers inspect a damaged Best Buy in Chicago that was looted and vandalized. Photo: Scott Olson/Getty Images

Chicago police responded to hundreds of people looting stores and causing widespread property damage in the city's downtown overnight, resulting in at least one exchange of gunfire, the Chicago Tribune reports.

The state of play: Police superintendent David Brown said the event was a coordinated response after an officer shot a suspect on Sunday evening, per CBS Chicago.

McDonald's sues former CEO, alleging he lied about relationships with employees

Former McDonald's CEO Steve Easterbrook. Photo: Drew Angerer/Getty Images

McDonald's on Monday sued its former CEO Steve Easterbrook, seeking to recoup tens of millions in severance benefits while alleging he took part in and concealed undisclosed relationships with company employees, per the New York Times.

Why it matters: Corporations have traditionally chosen to ignore executive misbehavior to avoid bad press, but they have become more proactive — especially with the rise of the #MeToo and Black Lives Matter movements — in addressing issues head-on.

The transformation of the Fed

Illustration: Eniola Odetunde/Axios

The Federal Reserve is undergoing an overhaul. Conceived to keep inflation in check and oversee the country's money supply, the central bank is now essentially directing the economy and moving away from worries about rising prices.

What we're hearing: The move to act less quickly and forcefully to tamp down on inflation has been in the works for years, but some economists fear that the Fed is moving too far from its original mandate.