Situational awareness: The Dow Jones Industrial Average fell 2% (497) today, while the S&P 500 fell 1.9% and Nasdaq Composite dropped nearly 2.3%. All three are now in correction territory.
Illustration: Rebecca Zisser/Axios
As we approach the weekend, it's worth remembering two abnormal signals to the world this week from President Trump.
Driving the news: In two cases involving his China trade war, President Trump suggested the U.S. should ignore historic separations of power and precedent if it yielded good results, Bloomberg's Shawn Donnan writes.
Why it matters: "U.S. officials have struggled for decades to convince suspicious foreign counterparts about the separation of powers ... They didn’t persuade all of the people all of the time — but the framing was central to America’s ability to lead by example," Donnan notes.
Between the lines: There's been no Federal Reserve chairman in recent memory who has had to defend the central bank's political independence as much as Jerome Powell, Axios' Courtenay Brown notes.
The bottom line: Norms and precedents are boring. The lack of them is interesting, but almost always at a severe cost.
Ruth Bader Ginsburg speaks during a naturalization ceremony at the Rotunda of the National Archives, which held the ceremony to mark Bill of Rights Day.
Charles M. Schulz in his office in Santa Rosa, Calif., in 2002 (Ben Margot/AP)
"Charlie Brown, Snoopy and the 'Peanuts' crew will have a new home on Apple’s streaming service," the AP reports.