Updated Apr 6, 2018

Stocks get crushed on trade war talk

Photo by Wang Ying via Getty Images

Stocks got crushed on Friday, with the Dow Jones Industrial average down 572 points, or 2.3%. But it could have been worse, as the Dow at one point was off 767 points. Two main factors:

  1. Trade wars: President Trump's late Thursday threat of another $100 billion in tariffs on Chinese imports, combined with China's bombastic reply and confusing comments from both Treasury Sec. Steve Mnuchin and new Trump economic advisor Larry Kudlow.
  2. Interest rates: Fed chair Jay Powell said that he remains committed to gradual rate hikes. This was as expected, but there was some hope that recent stock market declines and weaker-than-expected March jobs numbers could convince the Fed to slow down.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 1,475,976 — Total deaths: 86,979 — Total recoveries: 317,372Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 404,352 — Total deaths: 13,829 — Total recoveries: 22,775Map.
  3. States latest: New York Gov. Andrew Cuomo issued an executive order allowing New Yorkers to vote by absentee ballot for June 23 primaries.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Dr. Anthony Fauci said.
  5. World updates: WHO Director-General Tedros Adhanom Ghebreyesus urged countries should put politics aside "if you don’t want to have many more body bags.”
  6. 🎧 Podcast: The battle over billionaire coronavirus saviors
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Why it matters: The dire economic ramifications of the national shut-down stand to devastate those that can least afford it. Nearly 10 million Americans have filed for unemployment claims in recent weeks.

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