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Stocks have worst day since February

U.S. stocks fell sharply on Wednesday, with the Dow Jones Industrial Average losing 832 points, or more than 3%. The S&P 500 fell 3.3%, while the Nasdaq was off over 4%.

Big picture: This was the worst day for U.S. stock markets since February 8, when the Dow lost 1,175 points.

Expand chart
Data: Money.Net; Chart: Harry Stevens/Axios
  • Tech stocks, including Amazon which slid more than 6%, led the carnage.
  • Yields continued their run-up, with the 10-year spiking to 3.2%
  • Wall Street's fear index, the VIX, hit its highest level since June.

The White House, meanwhile, seems to be taking things in stride:

Go deeper

Bethany Allen-Ebrahimian, author of China
1 hour ago - World

Special report: Trump's U.S.-China transformation

Illustration: Aïda Amer/Axios

President Trump began his term by launching the trade war with China he had promised on the campaign trail. By mid-2020, however, Trump was no longer the public face of China policy-making as he became increasingly consumed with domestic troubles, giving his top aides carte blanche to pursue a cascade of tough-on-China policies.

Why it matters: Trump alone did not reshape the China relationship. But his trade war shattered global norms, paving the way for administration officials to pursue policies that just a few years earlier would have been unthinkable.

Go deeper (4 min. read)Arrow
Ursula Perano
2 hours ago - Politics & Policy

McConnell: Trump "provoked" Capitol mob

Senate Majority Leader Mitch McConnell (R-Ky.) said on Tuesday that the pro-Trump mob that stormed the U.S. Capitol on Jan. 6 was "provoked by the president and other powerful people."

Why it matters: Trump was impeached by the House last week for "incitement of insurrection." McConnell has not said how he will vote in Trump's coming Senate impeachment trial, but sources told Axios' Mike Allen that the chances of him voting to convict are higher than 50%.

Go deeper (1 min. read)Arrow
Alayna Treene, author of Sneak Peek
2 hours ago - Politics & Policy

GOP leaders skip Trump sendoff in favor of church with Biden

House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Mitch McConnell (R-Ky.), Senate Minority Leader Chuck Schumer (D-N.Y.) and House Minority Leader Kevin McCarthy (R-Calif.) in July. Photo by Erin Scott-Pool/Getty Images

Congressional leaders, including House GOP leader Kevin McCarthy and Senate Majority Leader Mitch McConnell, will skip President Trump's departure ceremony in Maryland tomorrow morning in favor of attending mass with incoming President Joe Biden ahead of his inauguration, congressional sources familiar with their plans tell Axios.

Why it matters: Their decision is a clear sign of unity before Biden takes the oath of office.

Go deeper (<1 min. read)Arrow

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