Tuesday's close. Screenshot via CNBC

The tech-driven Nasdaq 100, amid a raging recession and plunge in profits, is on the brink of doubling in 20 months, Bloomberg points out.

Why it matters: It's a vivid sign of how disconnected the markets are from America's economic reality.

  • The index set another record yesterday, led by gains in media and software stocks.
  • Facebook, Amazon, Microsoft, Apple and Alphabet each rose to an all-time high. Netflix had its best day in three years.

Worth noting: Jeff Bezos became the first human worth $200 billion, according to the Bloomberg Billionaires Index.

  • Elon Musk became a "centibillionaire," Bloomberg writes, as Tesla gains propelled his net worth to $101 billion.

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Updated Sep 3, 2020 - Economy & Business

Stocks drop amid tech sell-off

Photo: Angela Weiss/AFP via Getty Images

The S&P 500 closed down 3.51%, while the Nasdaq was off 4.98% (598 points) and the Dow fell 2.78% (808 points) on Thursday. Stocks had their worst day since June.

The big picture: The indices are still hovering near their highest levels ever — the S&P 500 is still higher than it was at any time before the pandemic — but the pullback is being led by a drop in the technology stocks that led the advance to record highs.

Updated 48 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 30,804,120 — Total deaths: 957,348— Total recoveries: 21,062,785Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 6,766,631 — Total deaths: 199,268 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Education: What we overlooked in the switch to remote learning
  4. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  5. Health: The dwindling chances of eliminating COVID-19.
  6. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.

What we overlooked in the switch to remote learning

Illustration: Eniola Odetunde/Axios

America’s rapid and urgent transition to online school has come with a host of unforeseen consequences that are only getting worse as it continues into the fall.

The big picture: The issues range from data privacy to plagiarism, and schools are ill-equipped to deal with them, experts say.