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There was more blood on Wall Street Wednesday. Stocks and other risky assets fell while traders piled into safe-haven bonds.

The state of play: The S&P 500 fell to its lowest since March 11 with the Dow hitting its lowest since Feb. 11 and the Russell 2000 closing at its lowest since Jan. 30.

  • The Stoxx Europe 600 Index fell 1.4% to the lowest since Feb. 21.
  • The MSCI All-Country World Index declined 1.1%, the lowest since February.
  • The yield on 10-year Treasuries touched the lowest since September 2016.
  • Germany's 10-year government bond yields hit their lowest in about 3 years.
  • Benchmark 10-year yields on Japanese government bonds fell to the lowest in almost 3 years and had the largest decrease in almost 6 weeks.

What they're saying: "The 2019 rally has been driven by 1) A dovish pivot by the Fed (no more hikes), 2) An expected U.S.-China trade deal, 3) Stable U.S. and global economic growth and 4) Better-than-feared earnings. Three of those four factors got significantly worse last week," said market analyst Tom Essaye in his Sevens Report newsletter.

  • "The 2019 rally can likely survive the loss of any one factor (which is why the breakdown in U.S.-China trade hasn’t caused a deeper correction), but it likely cannot withstand the loss of any two factors. Right now, we have three of the four teetering."

Go deeper: The stock market has entered "The Twilight Zone"

Go deeper

13 mins ago - Podcasts

Bob Nelsen on AstraZeneca and his plan to revolutionize biotech

AstraZeneca and the University of Oxford on Monday reported promising efficacy data for their COVID-19 vaccine, which has less stringent storage requirements than the Pfizer and Moderna vaccines and may be distributed earlier in developing countries.

Axios Re:Cap digs into the state of vaccine and therapeutics manufacturing with Bob Nelsen, a successful biotech investor who on Monday launched Resilience, a giant new pharma production platform that he believes will prepare America for its next major health challenges.

Ben Geman, author of Generate
Updated 20 mins ago - Energy & Environment

Unpacking Joe Biden's decision to tap John Kerry as his climate envoy

Photo: Pablo Blazquez Dominguez/Getty Images

President-elect Joe Biden is naming former Secretary of State John Kerry as a special presidential envoy for climate change.

Why it matters: The transition team's announcement sought to show that it will be an influential role, noting that Kerry — a former Massachusetts senator and the Democrats' 2004 presidential nominee — will be on the National Security Council.

Dave Lawler, author of World
2 hours ago - World

Oxford and AstraZeneca's vaccine won't just go to rich countries

Waiting, in New Delhi. Photo: Jewel Samad/AFP via Getty Images

While the 95% efficacy rates for the Moderna and Pfizer/BioNTech vaccines are great news for the U.S. and Europe, Monday's announcement from Oxford and AstraZeneca may be far more significant for the rest of the world.

Why it matters: Oxford and AstraZeneca plan to distribute their vaccine at cost (around $3-4 per dose), and have already committed to providing over 1 billion doses to the developing world. The price tags are higher for the Pfizer ($20) and Moderna ($32-37) vaccines.