Illustration: Sarah Grillo/Axios

U.S. shoppers spent $1.75 billion online on Thanksgiving as of 5 p.m.. and were predicted to spend a record $3.7 billion by midnight, up 29% from 2017, according to Adobe Analytics figures cited by Business Insider.

Why it matters: "The skyrocketing sales represent an increase in online shopping more generally, as well as a Black Friday sales 'day' that is shifting earlier and earlier," per BI.

The state of play: "Much of the growth has come from smartphones," which accounted for 37% of sales, up from 29% last year.

  • This is a trend ... Here are two Business Insider headlines from a year ago: "Smartphones are killing Black Friday ... Photos of shockingly empty stores prove that Black Friday as we know it is dead."
  • Experts say surging online sales could lead to calmer bricks-and-mortar shopping.

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19 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.