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Having largely held up as traders bought the trade war dips, stocks tumbled on Thursday along with just about every other risk asset.

What happened: A spate of weak manufacturing reports from around the globe and more trash talk from the U.S. and China may have finally broken the camel's back.

Stocks:

  • The S&P 500 closed more than 1% lower.
  • Asian stocks fell to a 4-month low.
  • Germany's DAX dropped 1.8% and Italian stocks were off more than 2%.
  • MSCI's gauge of stocks across the globe fell 1.3%.

"Now that it's become clear that the risks are out there, the (equity) market has to price them in," Michael O'Rourke, chief market strategist at JonesTrading, told Reuters' Herb Lash. "There should be more downside."

  • Currencies: The dollar strengthened to its highest since May 2017, but reversed course late in the day. The safe-haven Japanese yen rose 0.75%.
  • Commodities: The S&P GSCI Total Return, a popular commodity index, fell 3%, and oil had the worst day in 6 months, sinking more than 5%.
  • Bonds: Benchmark 10-year Treasury yields fell to their lowest since October 2017, 30-year yields hit their lowest in nearly a year and a half, and 2-year yields touched their weakest level since February 2018.

What to watch: The yield on 3-month bills rose above the 10-year note, again signaling an inversion the Fed calls the most accurate predictor of a recession.

  • Treasury yields from 2 years to 10 years are currently trading below the Federal Funds Rate.

Go deeper: The world can't afford a trade war right now

Go deeper

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.

Updated 8 hours ago - World

Over 3,000 detained in protests across Russia demanding Navalny's release

Russian police officers beat protestesters at a rally against of jailing of oppositon leader Alexei Navalny in Moscow on Saturday. Photo: Mikhail Svetlov/Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 9 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.