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Apple leads stock market rout

Dan Primack, author of Pro Rata

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.

Go deeper

Courtenay Brown
Updated 23 mins ago - Economy & Business

2020 was the economy's worst year since 1946

Source: FRED; Billions of chained 2012 dollars; Chart: Axios Visuals

One of the last major economic report cards of the Trump era lends perspective to the historic damage caused by the pandemic, which continued to weigh on growth in the final quarter of 2020.

By the numbers: The U.S. economy grew at a 4% annualized pace in the fourth quarter, a sharp slowdown in growth compared to the prior quarter. For the full year, the economy shrank by 3.5% — the first annual contraction since the financial crisis and the worst decline since 1946.

Go deeper (1 min. read)Arrow
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

How GameStop exposed the market

Illustration: Eniola Odetunde/Axios

Retail traders have found a cheat code for the stock market, and barring some major action from regulatory authorities or a massive turn in their favored companies, they're going to keep using it to score "tendies" and turn Wall Street on its head.

What's happening: The share prices of companies like GameStop are rocketing higher, based largely on the social media organizing of a 3-million strong group of Redditors who are eagerly piling into companies that big hedge funds are short selling, or betting will fall in price.

Go deeper (2 min. read)Arrow
Caitlin Owens, author of Vitals
3 hours ago - Health

Who benefits from Biden's move to reopen ACA enrollment

Photo: Chip Somodevilla/Getty Images

Nearly 15 million Americans who are currently uninsured are eligible for coverage on the Affordable Care Act marketplaces, and more than half of them would qualify for subsidies, according to a new Kaiser Family Foundation brief.

Why it matters: President Biden is expected to announce today that he'll be reopening the marketplaces for a special enrollment period from Feb. 15 to May 15, but getting a significant number of people to sign up for coverage will likely require targeted outreach.

Go deeper (<1 min. read)Arrow