Mar 21, 2017

Stocks hammered: best streak in 50 years under threat

Richard Drew/AP

The S&P 500 hasn't had a 1% decline in 64 trading days, a 50-year record. But the market is threatening to break that streak, with index down as much as 1.3% during trading Tuesday. The losses began shortly after Paul Ryan's morning press conference, suggesting some traders are spooked by reports of Republican disunity on the healthcare issue—a dynamic that may threaten planned tax cuts and regulatory reform.

Financials' bad day: The worst performing sector Tuesday has been financial services: Bank of America is down 5.8%, and JPMorgan Chase down 2.6%. Financial services stocks previously ruled the Trump rally, on hopes that Dodd-Frank reform would boost profits.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 6,766,997 — Total deaths: 395,459 — Total recoveries — 2,767,337Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 1,897,838 — Total deaths: 109,143 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.

Trump's week of viral quicksand

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.