Expand chart
Data: FactSet; Chart: Axios Visuals

The coronavirus outbreak has sparked one of the worst routs in commodity prices in years, the Wall Street Journal reports.

Why it matters: Investors are now bracing for even steeper declines — a warning signal about the state of the global economy.

What's happening: Commodities have been among the hardest hit investments since the outbreak began spreading around the globe.

  • Oil prices have fallen 32% in less than two months and last week recorded their worst week since the financial crisis. Industrial metals from copper to aluminum are also taking a beating, Ramkumar notes.

The big picture: Commodity prices can provide a real-time indicator of activity, and "the current slide reflects slumping demand and bloated inventories."

  • Plus, "some investors worry the widespread selling of assets associated with risk also portends more pain ahead for stocks."

Go deeper: The growing coronavirus recession threat

Go deeper

Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 4 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.