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Situational awareness: Facebook COO Sheryl Sandberg told CNBC that the social network is "open to regulation." Read up.

1 big thing: volatility everywhere

Markets took a beating today, with the Dow Jones Industrial Average plummeting more than 700 points to end the day below 24,000. The Dow, Nasdaq and S&P 500 are all down so far in 2018.

  • "The declines were broad, with nine of the 11 sectors in the S&P 500—and all 30 stocks in the Dow Jones Industrial Average—suffering losses..." [WSJ]
  • "The Cboe Volatility Index, or VIX, a measure of expected swings in the S&P 500, rose 12% after shooting up more than 20% earlier in the day."

Potential causes, flagged by Axios' Dan Primack:

  1. Tariffs: President Trump's expected announcement of anti-China tariffs, which have taken a particular bite out of Dow components like Boeing and Caterpillar. Stocks rebounded slightly after news came that the tariffs would not be imposed until after a 3o-day public comment period, which could let U.S. businesses plead their case. But then they resumed their plummet.
  2. Financials: The LIBOR rates, which are the interest rates at which banks lend to one another, have hit their highest levels since 2008, thus hammering bank stocks.
  3. Tech-lash: Facebook shares continue to fall, amid calls for increased regulation that could impact broader social media ad models. Some tech hardware companies, like Apple, also are experiencing tariff-related drops.

Be smart, via a succinct email from Axios' Ina Fried: Markets like stability and we haven’t had much of that of late.

2. What you missed

Photo: Barack Obama poses with New Zealand Prime Minister Jacinda Ardern. It's his first visit to New Zealand, where he will be giving a a series of talks. Photo: Pool/Getty Images

  1. Experts say the self-driving Uber vehicle that killed a pedestrian may be at fault. "The victim did not come out of nowhere... Lidar and radar should have detected and classified her," one said.
  2. President Trump's personal lawyer John Dowd has resigned as the head of the president's legal team. More.
  3. Leaders of a House committee are calling on Mark Zuckerberg to testify on the Cambridge Analytica scandal. Statement.
  4. The disagreements between Trump and Joe Biden have escalated to threats of physical violence, with Trump tweeting today that Biden "would go down fast and hard" in a fight. Go deeper.
  5. AT&T and the Justice Department didn't waste any time in trying to undermine each other's case today as arguments began in the courtroom showdown over the $85 billion proposed acquisition of Time Warner. Read up.
3. 1 hot thing: suburbs
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Data: Census Bureau, analysis by Jed Kolko at Indeed.com; Chart: Axios Visuals

The talk around the world is about the rise of the city. But in the U.S., suburbanization is accelerating, according to new Census data released today.