Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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

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

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Nicholas Kamm/AFP via Getty Images

The S&P 500 has had a return of over 50% during President Trump's first three years in office, more than doubling the average return of 23% at the same point in a presidential term since 1928, CNBC reports.

The big picture: The market, which hit record highs across the three major indices, got a sustained lift in 2019 after Federal Reserve Chair Jerome Powell lowered interest rates three times, the first such moves since the end of the financial crisis.

  • The big gains under Trump come despite a volatile 2018 that saw the S&P drop 6.2%, thanks to the uncertainty of the U.S.-China trade war.
  • And by another market's measure, there were worrying signals: the yield curve inverted this year, a phenomenon in the bond market known to precede recessions.

Of note: The S&P's 28.6% growth during Trump's third year lagged behind former President Barack Obama's 32% during his third year, which came as the economy recovered from the financial crisis.

What to watch: The S&P increases two-thirds of the time in a president's fourth year — with an average gain of 5.2%.

  • For Trump, any success will likely depend on how trade talks with China play out — and whether his "phase one" trade deal can hold.
  • As part of some of the known terms of that deal, China agreed to buy billions of dollars of U.S. agricultural products and Trump agreed to cancel pending tariff increases.

Go deeper ... Trump: "The reason our stock market is so successful is because of me"

Go deeper

Mayors press Biden to adopt progressive immigration agenda

Illustration: Sarah Grillo/Axios

A coalition of nearly 200 mayors and county executives is challenging Joe Biden and the incoming Congress to adopt a progressive immigration agenda that would give everyone a pathway to citizenship.

Why it matters: The group's goals, set out in a white paper released today, seem to fall slightly to the left of what the president-elect plans to propose on Inauguration Day — though not far — and come at a time of intense national polarization over immigration.

Caitlin Owens, author of Vitals
16 mins ago - Health

Demand for coronavirus vaccines is outstripping supply

Illustration: Aïda Amer/Axios

Now that nearly half of the U.S. population could be eligible for coronavirus vaccines, America is facing the problem experts thought we’d have all along: demand for the vaccine is outstripping supply.

Why it matters: The Trump administration’s call for states to open up vaccine access to all Americans 65 and older and adults with pre-existing conditions may have helped massage out some bottlenecks in the distribution process, but it’s also led to a different kind of chaos.

Woman who allegedly stole laptop from Pelosi's office to sell to Russia is arrested

Photo: FBI

A woman accused of breaching the Capitol and planning to sell to Russia a laptop or hard drive she allegedly stole from Speaker Nancy Pelosi's office was arrested in Pennsylvania's Middle District Monday, the Department of Justice said.

Driving the news: Riley June Williams, 22, is charged with illegally entering the Capitol as well as violent entry and disorderly conduct. She has not been charged over the laptop allegation and the case remains under investigation, per the DOJ.