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Data: FactSet; Chart: Axios Visuals

For anyone who gets their economic news from cable TV, we're in the craziest period of the Trump presidency so far.

Driving the news: The S&P 500 fell by 3.4% last Monday, Feb. 24. It then fell another 3% the following day, and it fell by 4.4% on Thursday Feb. 27. This week, it rose 4.6% on Monday, fell 2.8% on Tuesday, and rose 4.2% on Wednesday. It's entirely possible we'll see another 3%+ swing today.

Making matters worse: With the market still near all-time highs, a 3.7% intraday swing in the Dow corresponds to a 1,000-point move.

  • That's guaranteed to generate banner headlines — and freak out boomers who still think of 1,000 Dow points as being a major milestone.

How it works: The Trump administration explicitly uses the stock market as a barometer of its success, and the coronavirus was a large part of the reason for the recent stock-market volatility. Those factors explain why Treasury Secretary Steven Mnuchin and National Economic Council director Larry Kudlow were appointed to the government's coronavirus task force.

The bottom line: So long as the stock market remains volatile, expect Trump to fixate much more on the Dow than he does on CDC mortality reports.

Go deeper: How Trump’s economy stacks up

Go deeper

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 12,859,834 — Total deaths: 567,123 — Total recoveries — 7,062,085Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,297,501— Total deaths: 135,155 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. States: Florida smashes single-day record for new coronavirus cases with over 15,000 — NYC reports zero coronavirus deaths for first time since pandemic hit.
  4. Public health: Ex-FDA chief projects "apex" of South's coronavirus curve in 2-3 weeks — Coronavirus testing czar: Lockdowns in hotspots "should be on the table"
  5. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."

Scoop: How the White House is trying to trap leakers

Illustration: Sarah Grillo/Axios

President Trump's chief of staff, Mark Meadows, has told several White House staffers he's fed specific nuggets of information to suspected leakers to see if they pass them on to reporters — a trap that would confirm his suspicions. "Meadows told me he was doing that," said one former White House official. "I don't know if it ever worked."

Why it matters: This hunt for leakers has put some White House staffers on edge, with multiple officials telling Axios that Meadows has been unusually vocal about his tactics. So far, he's caught only one person, for a minor leak.

11 GOP congressional nominees support QAnon conspiracy

Lauren Boebert posing in her restaurant in Rifle, Colorado, on April 24. Photo: Emily Kask/AFP

At least 11 Republican congressional nominees have publicly supported or defended the QAnon conspiracy theory movement or some of its tenets — and more aligned with the movement may still find a way onto ballots this year.

Why it matters: Their progress shows how a fringe online forum built on unsubstantiated claims and flagged as a threat by the FBI is seeking a foothold in the U.S. political mainstream.