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Photo: Michael Nagle/Xinhua via Getty

U.S. stock indexes had their worst day on Monday since 1987's Black Monday — a headline journalists had written just on Thursday, but Monday was worse. The S&P 500 and Nasdaq closed 12% lower, the worst day in the tech-heavy index's 49-year history, while the Dow fell by almost 3,000 points.

Driving the news: The selloff accelerated during President Trump's afternoon press conference during which he outlined new recommendations for Americans that included avoiding any gatherings of 10 or more people.

  • Trump noted that the U.S. "may be" heading into recession and suggested the outbreak could continue until July or August.
  • The president's comments followed an earlier announcement that New York, New Jersey, and Connecticut would ban gatherings of more than 50 people, close gyms, bars, theaters and casinos, and limit restaurants to take-out orders only, citing an absence of federal action.

What they're saying: “The market didn’t hear what it wanted to hear. I don’t think that it wanted to hear that this was going to last until July and August, and now the market does the math," BNY Mellon strategist Liz Young said in an interview with CNBC.

  • "If it lasts until July and August, that means we maybe have a contraction in the second quarter and the third quarter, and that means recession.”

What they're not saying: Treasury Secretary Steven Mnuchin said the White House was meeting with Senate Republicans but did not announce an imminent U.S. stimulus bill or any coordinated global action to combat the economic toll of the outbreak.

Watch this space: Trump suggested the government could provide bailouts for airlines, which are in dire need of cash. However, a recent Bloomberg analysis found that the largest U.S. airlines have spent 96% of their free cash flow on stock buybacks.

Go deeper: Stocks have worst day since 1987

Go deeper

Updated 44 mins ago - Politics & Policy

Key government agency says Biden transition can formally begin

General Services Administrator Emily Murphy. Photo: Alex Edelman/CNP/Getty Images

General Services Administrator Emily Murphy said in a letter to President-elect Joe Biden on Monday that she has determined the transition from the Trump administration can formally begin.

Why it matters: Murphy, a Trump appointee, had come under fire for delaying the so-called "ascertainment" and withholding the funds and information needed for the transition to begin while Trump's legal challenges played out.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford and AstraZeneca's vaccine won't just go to rich countries.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 deaths.
  3. World: England to impose stricter regional systemU.S. hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  4. Economy: The biggest pandemic labor market drags.
  5. Sports: Coronavirus precautions leave college basketball schedule in flux.

Michigan board certifies Biden's win

Poll workers count absentee ballots in Detroit, Michigan on Nov. 4. Photo: Salwan Georges/The Washington Post via Getty Images

The Michigan Board of State Canvassers certified the state's election results on Monday, making President-elect Joe Biden's win there official and granting him the state's 16 electoral votes.

Why it matters: Republican Party leaders had unsuccessfully appealed to delay the official certification, amid the Trump campaign's failed legal challenges in key swing states.