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The stock market entered correction territory (when stocks fall 10% or more from a recent market high) for a few minutes today, plummeting 1,500 points before rebounding slightly to a 1,175 point loss on the day.

Expand chart
Data: Money.net; Chart: Axios Visuals

Why it matters: Between today and Friday's 666 point drop, the market has erased its 2018 gains.

The big picture, as noted by the N.Y. Times on Friday: "[W]hat is really worrying investors is that the fuel behind this stock market boom, namely cheap money from global central banks, may disappear sooner than they thought... On Friday, the yield on the 10-year Treasury note — a widely used gauge for overall interest rates — rose to more than 2.8 percent, the highest level since early 2014."

The political considerations, from Axios' Jonathan Swan:

  • "One of the strongest arguments Gary Cohn and Steven Mnuchin have been making to Trump to persuade him not to blow up NAFTA or take hardline protectionist trade actions is 'Mr. President, the economy is booming and the stock market is setting records under your leadership. Why would you risk that with these trade actions?'"
  • "My question: if they no longer have that argument, what else do they have in their quivers to persuade Trump not to follow his most hardline instincts on trade?"
  • Flashback: "I think there's a lot more momentum in the stock market ... tax cuts are not priced in." — White House economics adviser Gary Cohn to me on December 20th.

White House response to market drop: “The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening U.S. economic growth, historically low unemployment, and increasing wages for American workers," said Press Secretary Sarah Sanders. "The President’s tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people.”

Go deeper

42 mins ago - Health

The floodgates have opened for vaccine mandates

Illustration: Sarah Grillo/Axios

State governments, private businesses and even part of the federal government are suddenly embracing mandatory coronavirus vaccinations for their employees.

Why it matters: Vaccine mandates have been relatively uncommon in the U.S. But with vaccination rates stagnating and the Delta variant driving yet another wave of cases, there's been a new groundswell of support for such requirements.

Ina Fried, author of Login
42 mins ago - Sports

Axios at the Olympics: Softball on the brink

Cat Osterman, pitching here against Japan on Monday, came out of retirement to play in the Tokyo Olympics. Photo: ina Fried

TOKYO – When the U.S. and Japan take the field in Yokohama on Tuesday, they are playing for more than just a gold medal. As badly as both teams want to win, they also want to show the world their sport deserves a permanent place in the Olympics.

Why it matters: Softball is returning to the Olympics after a 12-year absence, but its long-term Olympic future is uncertain, with the sport not part of the 2024 Games in Paris and plans up in the air after that.

Updated 1 hour ago - Sports

Naomi Osaka eliminated from Olympic Games tennis tournament

Czech 42nd-ranked Marketa Vondrousova (L) shakes hands with Japan's Naomi Osaka after their Tokyo 2020 Olympic Games women's singles third round tennis match at the Ariake Tennis Park in Tokyo on Tuesday. Photo: Giuseppe Cacace/AFP via Getty Images

Naomi Osaka was eliminated from the Olympics Games after losing her Tokyo tennis tournament match 6-1, 6-4 in the third round to Czech Marketa Vondrousova on Tuesday.

Of note: Japan's Osaka is the women's world No. 2, while is Vondrousova ranked No.42.