Feb 10, 2018

Wall Street's "beautiful ride is now over"

Photo: Spencer Platt / Getty Images

"For 15 months [after] the 2016 election of President Donald Trump, ... the stock market was a smooth, one-way trade: up 34%, with nary a significant pullback ... That beautiful ride is now over," Barron's writes in its cover story.

Why it matters: "A fast and vertiginous drop in February points to a material change in investor psychology, to cautious from enthusiastic."

  • "Where previously rising interest rates were acceptable because of strong global growth, now investors are focused on the potential inflationary threat from such growth."
  • What's next: "There are reasons to think the bull can continue to run. This time, however, trading is expected to be choppier, and investors more nervous than they have been for two years."

Go deeper

Coronavirus could lower GDP by $15.7 trillion

Reproduced from Congressional Budget Office; Chart: Axios Visuals

The CBO released projections on Monday for U.S. nominal GDP to be lower by $15.7 trillion over the next decade than its estimate in January as a result of the coronavirus pandemic.

What they're saying: It predicts that when adjusted for inflation GDP will be $7.9 trillion lower over the next decade and down by $790 billion in the second quarter of this year — a 37.7% quarterly contraction.

13 mins ago - Sports

The sports teams that have issued statements on George Floyd protests

Data: Twitter; Graphic: Andrew Witherspoon/Axios

74 of 123 teams (60%) across the big four American sports leagues issued statements regarding George Floyd's murder and the ensuing nationwide protests as of 12 a.m. ET today.

Why it matters: Teams should be judged by their actions more than their words, but seeing who did and did not acknowledge the biggest story in America gives a sense of what each franchise believes its role — and the role of sports more broadly — should be at a time like this.

Updated 54 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 6,289,259 — Total deaths: 375,987 — Total recoveries — 2,706,820Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.