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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

Go deeper

51 mins ago - Health

WHO: AstraZeneca vaccine must be evaluated on "more than a press release"

A medical syringe and vial with fake coronavirus vaccine in front of the World Health Organization (WHO) logo. Photo Illustration: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Top scientists at the World Health Organization on Friday called for more detailed information on a coronavirus vaccine developed by AstraZeneca and the University of Oxford.

Why it matters: Oxford and AstraZeneca have said the vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses. AstraZeneca has since acknowledged that the smaller dose received by some participants was the result of an error by a contractor, per the New York Times.

Court rejects Trump campaign's appeal in Pennsylvania case

Photo: Sarah Silbiger for The Washington Post via Getty Images

A federal appeals court on Friday unanimously rejected the Trump campaign's emergency appeal seeking to file a new lawsuit against Pennsylvania's election results, writing in a blistering ruling that the campaign's "claims have no merit."

Why it matters: It's another devastating blow to President Trump's sinking efforts to overturn the results of the election. Pennsylvania, which President-elect Joe Biden won by more than 80,000 votes, certified its results last week and is expected to award 20 electoral votes to Biden on Dec. 12.

Dave Lawler, author of World
3 hours ago - World

Belarus dictator Lukashenko says he'll leave post after new constitution

Photo: Valery Sharifulin\TASS via Getty

Longtime Belarusian President Aleksandr Lukashenko has said he will step down after a new constitution comes into force, according to Belarusian state media.

Why it matters: Lukashenko has faced three months of protests following a rigged election in August. He has promised to reform the constitution to reduce the near-absolute powers of the president, but has insisted that his strong hand is needed to see that process through.