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Peter Morgan/AP

The Dow fell as much 140 points in the early hours of trading Monday, as investors digested the Trump Administration's failure to advance healthcare reform. Traders are worried that the lack of unity among Republicans on healthcare means that it will be unable to come to agreement on corporate tax cuts or infrastructure spending.

Expand chart
Data: Money.net; Chart: Andrew Witherspoon / Axios

The dollar also fell on Monday, with the U.S. currency's value droping to its lowest level since November 11th, when measured against a basket of competing currencies.

Word on the street: Investors have reined in their expectations of comprehensive tax reform, but still see a path to a deal that allows U.S. multinationals to "repatriate" foreign earnings at lower tax rates, which would both raise government revenue and allow companies to distribute more income to shareholders.

Update: Markets won back some of these losses, with the Dow closing down 46 points, or 0.22%, and the S&P 500 ending the day down 2.4 points, or 0.10%.

Go deeper

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

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 6 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.