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Entance of the New York Stock Exchange. Photo: Alexi Rosenfeld/Getty Images

The S&P 500 closed 5.9% lower on Thursday — the worst decline for the index since March — while the Dow Jones Industrial Average fell 6.9% (over 1,800 points), and the Nasdaq dropped 5.3%.

Why it matters: It's a pause in an epic Wall Street rally that has seen stocks recover about 40% since the worst of the coronavirus sell-off in March — despite the economy's slide into possibly one of the deepest recessions of all time.

Go deeper

Dion Rabouin, author of Markets
Sep 4, 2020 - Economy & Business

The stock market had its worst day in months, but no one is quite sure why

Data: FactSet; Chart: Axios Visuals

The Nasdaq fell 5% on Thursday, its worst decline since March, and the S&P 500 had its worst session since June, but no one was quite sure why.

What happened: Fund managers and strategists posited that profit taking or rebalancing was to blame as no fundamental drivers for the sell-off were apparent and it remains unclear whether Thursday was a fluke or the beginning of retrenchment from what most Wall Street analysts viewed as an overextended market.

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.

Kamala Harris resigns from Senate seat ahead of inauguration

Vice President-elect Kamala Harris. Photo: Mason Trinca/Getty Images

Vice President-elect Kamala Harris submitted her resignation from her seat in the U.S. Senate on Monday, two days before she will be sworn into her new role.

What's next: California Gov. Gavin Newsom has selected California Secretary of State Alex Padilla to serve out the rest of Harris' term, which ends in 2022.