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.

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Data: Google Trends; Chart: Andrew Witherspoon/Axios

The debut of "Hamilton" on Disney+ last Friday sent downloads of the app soaring over the weekend.

Why it matters: With theaters closed until 2021, "Hamilton" is the biggest litmus test for whether Broadway will ever be able to successfully transition some of its iconic hits.

Wall Street is no longer betting on Trump

Illustration: Sarah Grillo/Axios

Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.

Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.

With new security law, China outlaws global activism

Illustration: Eniola Odetunde/Axios

The draconian security law that Beijing forced upon Hong Kong last week contains an article making it illegal for anyone in the world to promote democratic reform for Hong Kong.

Why it matters: China has long sought to crush organized dissent abroad through quiet threats and coercion. Now it has codified that practice into law — potentially forcing people and companies around the world to choose between speaking freely and ever stepping foot in Hong Kong again.