Apr 2, 2018

Axios PM

By Mike Allen
Mike Allen
1 big thing: Tech's bleak Monday

The stock market, led south by tech companies and another anti-Amazon tweet from the president, had another bad day. This keeps happening.

Trump tweeted this morning: "Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!" [Backstory]

The big picture, via the NYT: "The Dow Jones industrial average dropped 1.9 percent, the Standard & Poor’s 500-stock index declined 2.2 percent and the Nasdaq composite slid 2.7 percent, with every firm listed in the Nasdaq 100 index below its previous close."

By the numbers in techworld:

  • Facebook down 2.75%
  • Amazon down 5.21%
  • Netflix down 5.1%
  • Google down 2.31%
  • Microsoft down 3.1%

Be smart, via Axios' Dan Primack: "Markets shrugged off Trump tweets for most of 2017, because they expected tax cuts. This year it has nothing new to look forward to. Could be infrastructure, but no one really believes it's actually going to happen."

Screenshot via Twitter
2. What you missed

Kentucky public school teachers and their supporters protest against a pension reform bill outside the Senate chambers at the State Capitol. Photo: Bill Pugliano/Getty Images

  1. Trump's meetings: He'll welcome Japanese Prime Minister Shinzo Abe to the U.S. later this month, and has invited Vladimir Putin to the White House.
  2. Trump came to the defense of Sinclair Broadcast Group today by tweeting that it was "far superior" to NBC and CNN. See the viral video that prompted Trump's tweet.
  3. Winnie Mandela, the anti-apartheid activist who was married to Nelson Mandela for 38 years and was a symbol of resistance throughout his imprisonment, has died at 81.
  4. Apple could switch to homegrown processors for its Mac line by 2020, supplanting Intel, Bloomberg reported today. Ina Fried's thought bubble.
  5. Tesla stock fell 5% today, with bad news building up for the automaker. More.
  6. P.S. Mark Cuban told me at an Axios event today that it's more likely he mounts an independent White House bid in 2020 if the Democrats lose the midterms. Quote.
3. 1 fun thing

President Trump at the 140th annual Easter Egg Roll on the South Lawn of the White House. Photo: Chip Somodevilla/Getty Images

Go deeper: More pics from Trump's second Easter Egg roll.

Mike Allen