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:
- 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.
- 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.
- 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
- 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.
- President Trump's personal lawyer John Dowd has resigned as the head of the president's legal team. More.
- Leaders of a House committee are calling on Mark Zuckerberg to testify on the Cambridge Analytica scandal. Statement.
- 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.
- 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
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.