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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Stocks may have reached the end the Trump rally

The S&P 500 fell 0.27% during trading Monday, perhaps confirming that investors have come down from their post-election euphoria. Evidence of division among Republicans on economic issues has disabused the market of its belief that profit-boosting policies would pour from Washington soon after inauguration.

The smart money on Wall Street agrees: The Wall Street Journal reports that big-bank executives have sold close to $100 million worth of stock since the election. If the likes of Morgan Stanley's James Gorman are exiting the market, perhaps you should too.

Need proof of China's bitcoin binge?

Chinese bitcoin exchanges agreed to charge a transaction fee 0.20%, ostensibly to cut down on speculation. But the Chinese government is also keen to rein in bitcoin use, as Chinese investors have conducted vast majority of bitcoin trades in recent months. Sound smart: The Chinese have used bitcoin as a means to move money out of the country as China tries to prevent capital from fleeing its slower-growing economy.

Theresa May's soft touch

The day Donald Trump announced American withdrawal from TPP — drawing criticism from John McCain and others for the geopolitical implications —The Financial Times reported that Prime Minister Theresa May will soon travel to China to discuss trade relations.

Why it matters: Like his counterpart, Donald Trump will also have to come up with a plan to boost exports, rather than just fighting unfair imports.

What we're watching: The heads of Ford, General Motors and Fiat Chrysler will meet President Trump for breakfast. The CEOs hope the meeting will provide clarity on the Trump trade agenda, and news from it will be pertinent to traders and politicos alike.

Go deeper

Updated 1 hour ago - Health

Texas to end all coronavirus restrictions

Texas Gov. Greg Abbott speaking at the White House in December 2020. Photo: Al Drago/Bloomberg via Getty Images

Texas will end its coronavirus restrictions next week with an upcoming executive order, Gov. Greg Abbott (R) announced Tuesday during a press conference in Lubbock.

Why it matters: After Abbott signs the new order, which rescinds previous orders, all businesses can open to 100% capacity and the statewide mask mandate will be over, though large parts of the state will remain under mask local ordinances.

Senate confirms Rhode Island Gov. Gina Raimondo as commerce secretary

Rhode Island Gov. Gina Raimondo (D). Photo: David L. Ryan/The Boston Globe via Getty Images

The Senate voted 84-15 on Tuesday to confirm Rhode Island Gov. Gina Raimondo to lead the Commerce Department.

Why it matters: The agency promotes U.S. industry, oversees the Census Bureau, plays a key role in the government's study of climate change through the National Oceanic and Atmospheric Administration, and evaluates emerging technology through the National Institute of Standards and Technology.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: CDC director warns "now is not the time" to lift COVID restrictions — Exclusive: Teenagers' mental health claims doubled last spring.
  2. Axios-Ipsos poll: Americans' hopes rise after a year of COVID
  3. Vaccine: J&J CEO "absolutely" confident in vaccine distribution goals — Vaccine hesitancy is shrinking.
  4. World: China and Russia vaccinate the world, for now.
  5. Energy: Global carbon emissions rebound to pre-COVID levels.
  6. Local: Florida gets more good vaccine newsMinnesota's hunger problem grows amid pandemic — Denver's fitness industry eyes a pandemic recovery.

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