Feb 3, 2017

Big in Business: Trump's gaze turns to the financial sector

Evan Vucci / AP

Dodd-Frank and the fiduciary rule: Donald Trump plans to sign an executive action on Friday requesting that the Labor Secretary rescind a rule recently implemented that requires retirement advisors to act in the best interest of their clients. Trump is also expected to sign an executive order telling Treasury to put together a plan to unravel elements of Dodd-Frank.

Facebook and Amazon swing and miss: The two tech giants were poised to send stocks higher after Facebook released earnings Wednesday night and Amazon Thursday evening. But Amazon missed revenue estimates, and investors bailed — sending shares down 2.3%. Facebook was off to a promising start in after hours trading Wednesday night, but also disappointed yesterday, declining 2.29%.

Jobs day: At 8:30am we'll get the first estimate of jobs growth of the Trump era. Economists are expecting a reading of 175,000 new jobs and a 4.7% unemployment rate, but look for the wage growth data to understand whether the economic recovery is accelerating, and whether the Fed should raise rates sooner than later.

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China reopens Wuhan after 10-week coronavirus lockdown

People wearing facemasks stand near Yangtze River in Wuhan. Photo: HECTOR RETAMAL/AFP via Getty Images

China has lifted its lockdown of Wuhan, the city in Hubei province where the coronavirus outbreak was first reported in December, according to the New York Times.

Why it matters: As cases surged in January, China took the draconian step of sealing off the city of 11 million and shutting down its economy — a response that was viewed at the time as only possible in an authoritarian system, but which has since been adopted by governments around the world.

Go deeperArrow15 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 1,381,014— Total deaths: 78,269 — Total recoveries: 292,973Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 378,289 — Total deaths: 11,830 — Total recoveries: 20,003Map.
  3. Trump administration latest: Trump removes watchdog overseeing rollout of $2 trillion coronavirus bill
  4. Federal government latest: Senate looks to increase coronavirus relief for small businesses this week — Testing capacity is still lagging far behind demand.
  5. States update: New York death toll surged to its highest one-day total as state predicts a plateau in hospitalizations.
  6. 🎧 Podcast: The race to reopen America
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Trump removes watchdog overseeing rollout of $2 trillion coronavirus bill

Glenn Fine, acting Pentagon watchdog

President Trump on Monday replaced the Pentagon's acting Inspector General Glenn Fine, who had been selected to chair the panel overseeing the rollout of the $2 trillion coronavirus relief bill passed last month, Politico first reported.

Why it matters: A group of independent federal watchdogs selected Fine to lead the Pandemic Response Accountability Committee, but Fine's removal from his Pentagon job prevents him from being able to serve in that position — since the law only allows sitting inspectors general to fill the role.

Go deeperArrowUpdated 35 mins ago - Politics & Policy