Photo: Spencer Platt/Getty Images

The markets are tanking — the S&P 500 is down 8% in last two months alone — as investors brace for bumpy, if not bad, times ahead.

The big thing: The simple fact that this record period of growth will undoubtedly come to an end, in America and globally. A closely watched bond-market bellwether is this close to flashing a recession signal, Axios' Felix Salmon writes.

Other factors at play:

  • The trade war between the United States and China has gotten personal, with the arrest in Canada of Huawei CFO Meng Wanzhou. That's erased most hopes of a trade truce. Go deeper.
  • The Fed is beginning to bite. "Three years’ worth of interest rate increases by the Federal Reserve are finally starting to pinch interest-rate-sensitive sectors, particularly housing, the auto industry and companies with heavy debt loads," Neil Irwin writes in the NYT.
  • The Trump tax cuts gave the U.S. economy a one-off boost in 2018. That "won’t be repeated in 2019," writes Irwin, "meaning a harder slog for companies seeking higher profits."

Go deeper: 3 warning signs U.S. economy could be close to recession

Editor's note: This article has been corrected to note that Meng Wanzhou was arrested in Canada. An earlier version incorrectly said she was arrested in China.

Go deeper

Democrats sound alarm on mail-in votes

Photo: Mark Makela/Getty Images

Democrats are calling a last-minute audible on mail-in voting after last night's Supreme Court ruling on Wisconsin.

Driving the news: Wisconsin Democrats and the Democratic secretary of state of Michigan are urging voters to return absentee ballots to election clerks’ offices or drop boxes. They are warning that the USPS may not be able to deliver ballots by the Election Day deadline.

Nxivm cult leader Keith Raniere sentenced to life in prison

Carts full of court documents related to the U.S. v. Keith Raniere case arrive at the U.S. District Court for the Eastern District of New York in May 2019. Photo: Drew Angerer/Getty Images

Nxivm cult leader Keith Raniere, 60, was sentenced to 120 years in prison on Tuesday in federal court for sex trafficking among other crimes, the New York Times reports.

Catch up quick: Raniere was convicted last summer with sex trafficking, conspiracy, sexual exploitation of a child, racketeering, forced labor and possession of child pornography. His so-called self-improvement workshops, which disguised rampant sexual abuse, were popular among Hollywood and business circles.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

Americans are moving again

Illustration: Aïda Amer/Axios

For decades, the share of Americans moving to new cities has been falling. The pandemic-induced rise of telework is turning that trend around.

Why it matters: This dispersion of people from big metros to smaller ones and from the coasts to the middle of the country could be a boon for dozens of left-behind cities across the U.S.