"Black Monday 2: The Next Machine-Driven Meltdown ... In the rise of computer-driven trading, some hear echoes of the stock market's 1987 crash," according to the Barron's cover story, by Ben Levisohn:

  • The problem: "[M]arket participants have come to rely increasingly on computers to run quantitative, rules-based systems known as algorithms to pick stocks, mitigate risk, place trades, bet on volatility, and much more — and they bear a resemblance to those blamed for Black Monday ... Oct. 19, 1987 — when the Dow Jones Industrial Average shed nearly a quarter of its value in wave after wave of selling."
  • Why it matters: "The proliferation of computer-driven investing has created an illusion that risk can be measured and managed."
  • "But several anomalous episodes in recent years involving sudden, severe, and seemingly inexplicable price swings suggest that the next market selloff could be exacerbated by the fact that machines are at the controls."

Go deeper

Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 10,945,600 — Total deaths: 523,035 — Total recoveries — 5,797,206Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 2,767,669 — Total deaths: 128,951 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  5. States: Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
5 hours ago - Sports

Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.