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.

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Updated 24 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 a.m. ET: 31,245,797 — Total deaths: 963,693— Total recoveries: 21,394,593Map.
  2. U.S.: Total confirmed cases as of 1 a.m. ET: 6,856,884 — Total deaths: 199,865 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

Texas and Louisiana face fresh flood threat from Tropical Storm Beta

Tropical Storm Beta slowly approaching the Texas coast on Monday. Photo: National Weather Service/Twitter

Tropical Storm Beta crossed the Texas coast near the southern end of the Matagorda Peninsula late Monday, the National Hurricane Center said, bringing with it the risk of "life-threatening storm surge" and flooding to parts of Texas and Louisiana.

What's happening: Texas Gov. Greg Abbott (R) made a disaster declaration and Louisiana Gov. John Bel Edwards (D) declared a state of emergency, as the states began feeling the impact of the slow-moving storm — which was causing coastal flooding along the bays near Houston and Galveston in Texas, and the Gulf of Mexico Monday, per the National Weather Service.

Louisville police declare state of emergency as Breonna Taylor decision looms

A demonstrator holds up a sign of Breonna Taylor during a protest in Louisville, Kentucky. Photo: Brandon Bell/Getty Images

The Louisville police chief declared in a memo obtained by news outlets a "state of emergency" for the department on Monday to prepare for Kentucky Attorney General Daniel Cameron's expected announcement on the Breonna Taylor case.

Of note: Louisville has witnessed more than 115 days of protests over the police killing of Taylor, an unarmed Black woman, with calls for all the officers involved to be charged.

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