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Data; FactSet; Chart: Axios Visuals

Markets are behaving strangely as investors attempt to make sense of the growing threat of the novel coronavirus. Assets that typically move in opposite directions are moving together, and assets that traditionally are very correlated are taking inverse tracks.

State of play: The market's two most popular safe-haven assets, gold and the Japanese yen, have decoupled and are moving in opposite directions.

  • Gold has risen to its highest level since 2013, while the yen has fallen in value against the dollar to its weakest in nine months.

The big picture: “The big wave of risk-off has sort of dissipated right now, but still the economic fallout is buttressing the demand for gold,” Stephen Innes, chief market strategist at AxiCorp, told Reuters.

  • “The stronger dollar is not really curbing the inflows to gold ... from an inflation perspective, a stronger U.S. dollar is working against the U.S. Federal Reserve’s inflation target and is pointing towards lower interest rates."

Of note: Lower interest rates reduce the opportunity cost of holding gold and typically also reduce the attractiveness of holding dollars.

Go deeper: Economists warn coronavirus risk far worse than realized

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43 mins ago - Sports

Big Ten's conference-only move could spur a regionalized college sports season

Illustration: Aïda Amer/Axios

The Big Ten announced Thursday that it will move all fall sports to a conference-only schedule.

Why it matters: This will have a snowball effect on the rest of the country, and could force all Power 5 conferences to follow suit, resulting in a regionalized fall sports season.

The second jobs apocalypse

Illustration: Aïda Amer/Axios

This week, United Airlines warned 36,000 U.S. employees their jobs were at risk, Walgreens cut more than 4,000 jobs, Wells Fargo announced it was preparing thousands of terminations this year, and Levi's axed 700 jobs due to falling sales.

Why it matters: We have entered round two of the jobs apocalypse. Those announcements followed similar ones from the Hilton, Hyatt, Marriott and Choice hotels, which all have announced thousands of job cuts, and the bankruptcies of more major U.S. companies like 24 Hour Fitness, Brooks Brothers and Chuck E. Cheese in recent days.

Big Tech marshals a right-leaning army of allies for antitrust fight

Illustration: Eniola Odetunde/Axios

As tech's giants prepare to face off with antitrust enforcers this summer, they will draw support from an array of predominantly right-leaning defenders ranging from influential former government officials to well-connected think tanks.

The big picture: The Justice Department, the Federal Trade Commission and the states have multiple investigations of monopolistic behavior underway targeting Facebook and Google, with other giants like Amazon and Apple also facing rising scrutiny. Many observers expect a lawsuit against Google to land this summer.