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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

51 mins ago - World

U.S. strikes Iran-backed militia structures in Syria

President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

The United States on Thursday carried out an airstrike against facilities in Syria linked to an Iran-backed militia group, the Pentagon announced.

The state of play: The strike, approved by President Biden, comes "in response to recent attacks against American and Coalition personnel in Iraq, and to ongoing threats to those personnel," Pentagon press secretary John Kirby said in a statement.

Senate parliamentarian rules $15 minimum wage cannot be included in relief package

Photo: Al Drago/Getty Images

The Senate parliamentarian ruled Thursday that the provision to increase the minimum wage to $15/hour cannot be included in the broader $1.9 trillion COVID relief package.

Why it matters: It's now very likely that any increase in the minimum wage will need bipartisan support, as the provision cannot be passed with the simple Senate majority that Democrats are aiming to use for President Biden's rescue bill.

Dave Lawler, author of World
1 hour ago - World

Biden's big Saudi reset

Mohammed bin Salman. Photo: Ryad Kramdi/AFP via Getty

President Biden spoke with Saudi Arabia's King Salman this evening ahead of the release of a CIA report expected to implicate the king's son, and the kingdom's de facto ruler, in the murder of a U.S.-based journalist, Jamal Khashoggi.

Why it matters: In one month, Biden has ended support for the Saudi war effort in Yemen, frozen a large arms deal and snubbed Crown Prince Mohammed bin Salman (MBS) by declining to speak with him directly.