Updated Mar 23, 2020 - Economy & Business

Stock market tumbles as coronavirus stimulus hangs in limbo

Exterior of the New York Stock Exchange, which closed the trading floor today. Photo: Angela Weiss via AFP

Stocks closed down about 3% on Monday, though they finished above the lowest levels of the day.

By the numbers: The S&P 500 joined the Dow in shedding all the gains since President Trump's inauguration in 2017, a nod to how steep the market drop has been in an extremely short period of time.

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Data: FactSet; Chart: Axios Visuals

The big picture: Stocks swung sharply on Monday amid more Federal Reserve action to support an economy thrown into a tailspin thanks to the coronavirus pandemic and stalled progress on stimulus in Washington.

The S&P fell 2.9%, while the Dow closed down 3.1% (or 582 points) and the Nasdaq fell a fractional 0.2%.

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Dion Rabouin

Jun 23, 2020 - Economy & Business

How the Robinhood effect is moving the stock market

Reproduced from BCA Research using Bloomberg data; Table: Axios Visuals

A report from BCA Research published Monday finds Robinhood users are moving into speculative bets at an incredible rate, radically increasing holdings in three groups of stocks — airlines, cruise ships and mortgage REITs.

What's happening: "Retail investors have provided institutions with an opportunity to exit stocks in the three stressed groups," Doug Peta, BCA's chief U.S. investment strategist, writes in the note.

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Axios

Updated Jul 10, 2020 - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Hong Kong's secondary schools, primary schools and kindergartens will close on Monday, education secretary Kevin Yeung announced Friday.

What's happening: Hong Kong reported 147 new coronavirus infections over the past week, the Financial Times reports. 88 of those infections were reportedly locally transmitted.

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Dion Rabouin

Jun 22, 2020 - Economy & Business

Americans increase deposits as banks cut back on lending

Illustration: Aïda Amer/Axios

U.S. banks are seeing deposits skyrocket and are pulling back on loans in the face of the coronavirus pandemic, newly released data from the Federal Reserve show.

Why it matters: It's the latest sign of trouble for the banking sector and the economy — a signal that consumers and businesses aren't starting new projects or focusing on growth, and are instead socking away cash.