Illustration: Lazaro Gamio/Axios

The Dow Jones Industrial Average today closed down 392 points, or 1.58%, after having at one point been down more than 500 points.

What happened? Investors got spooked by political uncertainty in Italy and a White House announcement that it again plans to implement tariffs on Chinese goods.

  • The Dow is down for the year.
  • The Nasdaq and S&P 500 also were off, 0.5% and 1.16% respectively.
  • The VIX index of volatility moved more than 5 points for the fifth time in 2018. It had only done so a total of six times between 2012 and 2017.
  • The day's top gainer, by percentage, was Chinese Internet company Momo, which reported better-than-expected earnings. The biggest loser was Brazilian e-commerce company PagSeguro, which reports earnings today after the close.

Go deeper

New interactive tool shows Biden's mail voting danger

Data: SurveyMonkey; Chart: Danielle Alberti/Axios

Voters who disapprove of President Trump most strongly are by far the most likely to vote by mail in the presidential election, according to an Axios analysis of exclusive data from SurveyMonkey and Tableau.

Why it matters: The new data shows just how strongly the mail-in vote is likely to favor Joe Biden — with potentially enormous implications in the swing states due to the greater risk of rejection with mail ballots.

Caitlin Owens, author of Vitals
40 mins ago - Health

Reopening the ACA debate is politically risky for GOP

Data: Kaiser Family Foundation, The Cook Political Report; Notes: Those losing insurance includes 2020 ACA marketplace enrollment and 2019 Medicaid expansion enrollment among newly-eligible enrollees. Close races are those defined as "Toss up" or "Lean R/D"; Table: Andrew Witherspoon/Axios

The sudden uncertainty surrounding the future of the Affordable Care Act could be an enormous political liability for Republicans in key states come November.

Between the lines: Millions of people in crucial presidential and Senate battlegrounds would lose their health care coverage if the Supreme Court strikes down the law, as the Trump administration is urging it to.

Coronavirus cases rise in 22 states

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The coronavirus is surging once again across the U.S., with cases rising in 22 states over the past week.

The big picture: There isn't one big event or sudden occurrence that explains this increase. We simply have never done a very good job containing the virus, despite losing 200,000 lives in just the past six months, and this is what that persistent failure looks like.

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