Photo by Spencer Platt/Getty Images

The Dow Jones Industrial Average on Thursday experienced only the second 1,000 point drop in its history. It was also the second one this week.

Bottom line: U.S. economic fundamentals might be strong, but the stock market got ahead of itself and is paring back due to concerns over rising interest rates.

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Data:; Chart: Axios Visuals

Key numbers:

  • The Dow was off 1,033 points, representing a 4.15% loss.
  • The NASDAQ fell 275 points, or 3.9%.
  • The S&P 500 fell more than 100 points, or 3.75%.
  • Yield on 10-year U.S. Treasuries yield closed up 0.25% at 2.85% (but rose as high as 2.88% during trading — its highest mark since the end of 2013).
  • Notable losers today included Yelp (-14.06%), HanesBrands (-10.93%) and Tesla Motors (-8.63%).

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Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 1 a.m. ET: 20,284,882 — Total deaths: 741,126— Total recoveries: 12,585,473Map.
  2. U.S.: Total confirmed cases as of 1 a.m. ET: 5,141,208 — Total deaths: 164,537 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. States: Georgia reports 137 coronavirus deaths, setting new daily record Florida reports another daily record for deaths.
  4. Health care: Trump administration buys 100 million doses of Moderna's coronavirus vaccine.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. Sports: Big Ten scraps fall football season.
  7. World: Anthony Fauci "seriously" doubts Russia's coronavirus vaccine is safe

Ilhan Omar wins Minnesota primary

Photo: Stephen Maturen/Getty Images

Rep. Ilhan Omar (D-Minn.) won the Democratic primary against lawyer Antone Melton-Meaux on Tuesday evening, AP reports.

Why it matters: The race is one that's played out across the U.S. as progressives continue to sweep party nominations. Omar's win officially means all four progressive members of "The Squad" have won their primary elections.

Updated 5 hours ago - Politics & Policy

25 face felony charges after downtown Chicago hit by looters

Police officers inspect a damaged Best Buy in Chicago that was looted and vandalized. Photo: Scott Olson/Getty Images

Local police officers are seeking felony charges in 25 cases following the arrest of 100 people in the wake of widespread looting and property damage in Chicago on Monday, per the Washington Post.

Driving the news: Law enforcement said the event involving hundreds of people was a coordinated response after an officer shot a suspect Sunday evening, according to CBS Chicago.