Fed Chair Jerome Powell. Photo: Spencer Platt/Getty Images

The S&P 500 jumped above 3,000 on Wednesday after Fed Chair Jay Powell signaled an imminent interest rate cut later this month.

Our thought bubble, per Axios' Felix Salmon: We live in a world where the Dow Jones Industrial Average can rise or fall 1,000 points in one day. The S&P 500 is not only a much more useful index, it also hits round-number milestones like this one much less frequently.

Go deeper: The case for a Fed rate cut

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51 mins ago - Health

Florida reports another daily record for coronavirus deaths

Nurse practitioner Barbara Corral and a research assistant conduct a COVID-19 vaccination study on August 7 in Hollywood, Florida. Photo: Joe Raedle/Getty Images

Florida's health department on Tuesday reported 276 new coronavirus deaths, surpassing the state's record from July 31.

The big picture: The state also recorded over 5,800 new cases — on the low side for a state that is one of the domestic epicenters for the virus.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 20,130,206 — Total deaths: 737,394 — Total recoveries: 12,382,856Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 5,100,636 — Total deaths: 163,681 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: Florida reports another daily record for deaths State testing plans fall short of demand.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. World: New Zealand reports first local cases for 102 days — Why you should be skeptical of Russia's vaccine claims.

Exclusive: Facebook cracks down on political content disguised as local news

Illustration: Eniola Odetunde/Axios

Facebook is rolling out a new policy that will prevent U.S. news publishers with "direct, meaningful ties" to political groups from claiming the news exemption within its political ads authorization process, executives tell Axios.

Why it matters: Since the 2016 election, reporters and researchers have uncovered over 1,200 instances in which political groups use websites disguised as local news outlets to push their point of view to Americans.