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Photo: Bastiaan Slabbers/NurPhoto via Getty Images

Joe Biden will use a speech in Davenport, Iowa on Tuesday to attack President Trump on climate change during a day that both men are in the state.

Why it matters: The remarks represent Biden's highest-profile attack on Trump on the issue since the early Democratic frontrunner unveiled his climate plan last week. Iowa, like much of the Midwest and Plains, has been hard hit by floods this spring.

What he'll say: "We’re seeing devastating floods all across America — right here in Davenport. You’ve gone through it. Farmers all across Iowa can’t plant their fields. Record flood levels, millions of dollars in damage and cleanup," according to Biden's prepared remarks.

  • "And still Trump denies climate change. What did he tell Piers Morgan in that interview? 'Well, the weather goes both ways.'"

The big picture, via Axios science editor Andrew Freedman: May was the second-wettest month on record in the contiguous U.S., as torrential rains proved relentless across the nation's midsection.

  • The past 12 months have been the wettest such period on record — with flooding on numerous rivers rivaling or exceeding the great floods of the past century, including 1927 and 1993.
  • Precipitation extremes, including heavy precipitation events, as well as sharp whiplash-like swings between drought and flood, are expected to become more common and severe as the climate continues to warm due to human activities.

Go deeper:

Go deeper

Trading platforms curb trading on high-flying Reddit stocks

Major trading platforms including Robinhood, TDAmeritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

Why it matters: It limits access to the traders that have contributed to the wild Reddit-driven activity of the past few days — a phenomenon that has gripped Wall Street and the country.

Updated 2 hours ago - Economy & Business

2020 was the economy's worst year since 1946

Source: FRED; Billions of chained 2012 dollars; Chart: Axios Visuals

One of the last major economic report cards of the Trump era lends perspective to the historic damage caused by the pandemic, which continued to weigh on growth in the final quarter of 2020.

By the numbers: The U.S. economy grew at a 4% annualized pace in the fourth quarter, a sharp slowdown in growth compared to the prior quarter. For the full year, the economy shrank by 3.5% — the first annual contraction since the financial crisis and the worst decline since 1946.

Dion Rabouin, author of Markets
3 hours ago - Economy & Business

How GameStop exposed the market

Illustration: Eniola Odetunde/Axios

Retail traders have found a cheat code for the stock market, and barring some major action from regulatory authorities or a massive turn in their favored companies, they're going to keep using it to score "tendies" and turn Wall Street on its head.

What's happening: The share prices of companies like GameStop are rocketing higher, based largely on the social media organizing of a 3-million strong group of Redditors who are eagerly piling into companies that big hedge funds are short selling, or betting will fall in price.

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