Photo by Spencer Platt/Getty Images

The Dow Jones Industrial Average on Thursday experienced only the second 1,000 point drop in its history. It was also the second one this week.

Bottom line: U.S. economic fundamentals might be strong, but the stock market got ahead of itself and is paring back due to concerns over rising interest rates.

Expand chart
Data: Money.net; Chart: Axios Visuals

Key numbers:

  • The Dow was off 1,033 points, representing a 4.15% loss.
  • The NASDAQ fell 275 points, or 3.9%.
  • The S&P 500 fell more than 100 points, or 3.75%.
  • Yield on 10-year U.S. Treasuries yield closed up 0.25% at 2.85% (but rose as high as 2.88% during trading — its highest mark since the end of 2013).
  • Notable losers today included Yelp (-14.06%), HanesBrands (-10.93%) and Tesla Motors (-8.63%).

Go deeper

Updated 7 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,294,091 — Total deaths: 741,420— Total recoveries: 12,591,454Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,141,207 — Total deaths: 164,537 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. States: Georgia reports 137 coronavirus deaths, setting new daily record Florida reports another daily record for deaths.
  4. Health care: Trump administration buys 100 million doses of Moderna's coronavirus vaccine.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. Sports: Big Ten scraps fall football season.
  7. World: Anthony Fauci "seriously" doubts Russia's coronavirus vaccine is safe

EU threatens Belarus with sanctions amid third night of unrest

Belarus riot police detain protesters in Minsk on Tuesday. Photo: Sergei Gapon/AFP via Getty Images

The European Union warned Tuesday it could reimpose sanctions on Belarus as riot police clashed for a third night with demonstrators protesting this week's elections that the EU described as "neither free nor fair," per the Guardian.

Why it matters: The EU removed most sanctions against Belarus four years ago, after "Europe's last dictator" Alexander Lukashenko released political prisoners and permitted protests, AP notes. The EU said in a statement Tuesday it would be "conducting an in-depth review" into its relations with former Soviet country over his elections win claim and the deadly crackdown on protesters.

Ilhan Omar wins Minnesota primary

Photo: Stephen Maturen/Getty Images

Rep. Ilhan Omar (D-Minn.) won the Democratic primary against lawyer Antone Melton-Meaux on Tuesday evening, AP reports.

Why it matters: The race is one that's played out across the U.S. as progressives continue to sweep party nominations. Omar's win officially means all four progressive members of "The Squad" have won their primary elections.