Axios

The Nasdaq closed down more than 3% on Monday, amid a broader market sell-off.

• The Dow lost 395 points, or 1.56%, while the S&P 500 dropped 1.66%.

What's happening: It's a culmination of bad news for technology stocks. Apple dropped 4% following a report the company cut production orders for iPhones, while Facebook shares closed 5.7% lower after a Wall Street Journal story about company turmoil. Other big losers were Amazon (off 5%) and several chipmakers.

The White House has sent a letter to CNN's Jim Acosta informing him that his hard pass has been restored, CNN reports.

Why it matters: The press office still claims they have a right to revoke Acosta's press credentials in the future if he violates new rules laid out in the letter. Press access to the White House is grounded very much in tradition rather than in plain-letter law. A future court fight could potentially result in a precedent that curtails freedom to cover the most powerful official in the world from the literal front row.

The White House Correspondents' Association announced Monday that author Ron Chernow will be the featured speaker at next year's White House Correspondents' dinner on April 27.

The backdrop: Last year's dinner was overshadowed by controversy after comedian Michelle Wolf's roast of President Trump and his aides, especially White House Press Secretary Sarah Sanders, drew sharp criticism.

CNN requested an emergency hearing in federal court on Monday after the White House sent its chief White House correspondent Jim Acosta a letter last week — signed by Sarah Sanders and Bill Shine — informing him that the administration intends to once again suspend his press pass at the end of the month.

Go deeper: Trump targets Acosta ouster — again

After a federal court ruling on Friday restored the White House press pass of CNN's Jim Acosta, the West Wing moved almost immediately to once again contest his access, sources involved in the negotiations tell me.

What's happening: The White House sent CNN a letter Friday giving a chance for Acosta to make the case for continued access. A White House official said a decision will be made after hearing the case.

Remember volatility? Well, it's back. Take a look, for instance, at the last three months of the Dow Jones Industrial Average.

Between Aug. 17 and Oct. 9, the average daily range — the difference between the intraday high and the intraday low — was 177 points. Between Oct. 10 and Nov. 16, the average daily range was 455 points, 2.5 times greater.

General Electric's stock closed Friday at just $8.02 per share, which is down 75% from the July high of $33, down 80% from the pre-crisis high of $42, and down 85% from the all-time high of $60, set in August 2000.

The big picture: Those numbers, if anything, understate the degree to which GE has been diminished since its heyday.

For the first time in 29 years, the U.S. and China failed to reach a closing declaration at the Asia-Pacific Economic Cooperation summit, underscoring the severity of tensions between the world's two largest economies, reports AP.

The big picture: During the two-day summit in Papua New Guinea, Vice President Mike Pence — attending in place of President Trump — repeatedly criticized China for its hostile trade practices and warned developing nations of falling into a "debt trap" through China's generous infrastructure loans. Chinese President Xi Jinping, meanwhile, used his speech to condemn protectionism and unilateralism in a slight to the Trump administration. Trump and Xi are expected to meet at the G-20 in Buenos Aires later this month amid their ongoing trade war and the Trump administration's governmentwide effort to paint China as a bogeyman.

Chicken is out; pork is in. President Trump’s tariffs are inflating poultry prices while making it cheaper to bring home the bacon.

What's happening: The trade war has reduced pork exports to China and Mexico, Reuters reports, increasing supply in the U.S. In response, grocery stores and restaurants are pushing pork. Wendy’s is selling a burger topped with three strips of bacon, and the Food Lion grocery chain has special deals on pork.