Photo: Johannes Eisele/AFP via Getty Images

Stocks saw the worst sell-off in months on Friday: the Dow Jones Industrials Average dropped 603 points (2.1%), while the S&P 500 and the Nasdaq declined 1.7% and 1.5%, respectively.

Why it matters: Despite a few jitters, the stock market had until now mostly brushed off fears about the coronavirus (the bond market, though, has not) as stellar earning results from big names like Apple, Microsoft and Amazon took center stage.

The big picture: As the outbreak worsens, so do concerns that it could hit the global economy right as prospects for growth were beginning to look up.

Details: The U.S. Treasury yield curve inverted on Monday and again on Friday, oil prices have fallen more than 10% in the past two weeks and the price of copper, a bellwether of economic health, went on a record 12-day losing streak.

The bottom line: Bond and commodity markets have been clearly signaling distress all week. The inverted yield curve has happened before every U.S. recession in the last 50 years and has shown a false positive only once.

  • Economists at the Federal Reserve call it the "best summary measure" of economic downturn, and yields on the benchmark 10-year Treasury note have fallen by a staggering 38 basis points over the past month.
  • Copper is seen as a barometer of the economy's health because of its use in homebuilding and commercial construction

Go deeper: What's happening with the coronavirus

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Secretary of State Mike Pompeo told Fox News' Laura Ingraham on Monday that the Trump administration is "looking at" a ban on Chinese social media app TikTok.

Why it matters: Lawmakers have long expressed fears that the Chinese government could use TikTok to harvest reams of data from Americans — and actions against the app have recently accelerated worldwide, highlighted by India's ban.

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Data: Google Trends; Chart: Andrew Witherspoon/Axios

The debut of "Hamilton" on Disney+ last Friday sent downloads of the app soaring over the weekend.

Why it matters: With theaters closed until 2021, "Hamilton" is the biggest litmus test for whether Broadway will ever be able to successfully transition some of its iconic hits.

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Illustration: Sarah Grillo/Axios

Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.

Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.