Axios

White House trade adviser Peter Navarro told CNBC that Monday's market plunge is not in response to fears of a trade war with China, instead suggesting that investors might have overreacted to the country's retaliatory tariffs on U.S. imports.

The backdrop: The Dow dropped more than 400 points today, led south in part by concerns of a potential trade war but also as a result of embattled tech companies and another anti-Amazon tweet from the president. Navarro criticized China's reciprocal tariffs, but said he doesn't expect the president to engage in an "action-response, action-response" tit for tat with the country.

The Dow dropped 643 points on Monday, before recovering to close down more than 400 points. The drop began after President Trump attacked Amazon, again, on Twitter, driving Amazon shares down 5%.

Difficulties in the tech sector, including Tesla's tumultuous week and Facebook's data scandal, as well as concerns of a potential trade war with China, have also contributed to the drop.

Pluralsight, a Utah-based professional learning platform, announced on Monday that it has filed confidentially for an IPO.

Why it matters: This is not the sort of thing that companies typically announce (hence, the "confidentially").

China announced that its retaliatory tariffs of up to 25% on imports of U.S. food and other goods, including pork, fruit and wine will start on Monday. They are China's response to President Trump’s tariffs on Chinese steel and aluminum imports, the Financial Times reports.

The details: The new tariffs target 128 goods imported from the U.S. “in order to safeguard China’s interests and balance the losses caused by the United States' additional tariffs,” according to an online statement.

The personal data of customers shopping at department stores Saks Fifth Avenue, Saks Off Fifth, and Lord & Taylor was compromised after a data breach, according to an announcement from the stores' parent company, Hudson's Bay Co. Though the scope of the breach has yet to be confirmed, the AP reports that a hacking group called JokerStash claimed last week that it had placed the credit and debit card information of 5 million Saks and Lord & Taylor customers up for sale.

Why it matters: This incident joins a long line of similar data breaches and hacks that have exposed the personal data of billions worldwide in recent years, like those faced by Yahoo (3 billion), Equifax (147.9 million), and Uber (57 million) — just to name a few.

As President Trump increasingly tunes out formal advisers, there's a growing list of misfits and hangers-on that he just can’t seem to quit — and whose advice he seems to welcome and even adopt.

Why it matters: Trump is successfully resisting the West Wing bubble that tended to imprison his predecessors. But he fills his time and mind with colorful, marginal thinkers who reinforce his instincts rather than broadening his horizon — comfort food, rather than nutrition.

Teachers in Oklahoma are planning to walk out of the classroom next week to demand a salary increase, part of a wave of teacher activism across the country from Arizona to West Virginia.

Why this matters: Teachers are protesting for pay raises and better benefits. In most states their salaries haven't kept pace with inflation.