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Traders work the floor of the New York Stock Exchange. Photo: David Dee Delgado/Getty Images

The stock market fell as much as 7% on Monday morning — a decline so steep that trading was halted for 15 minutes.

Why it matters: The massive sell-off points to Wall Street's anxiety about the global economy. The steep declines come as Saudi Arabia launched an oil price war against Russia over the weekend, while the coronavirus outbreak worsened.

What's going on: Under "circuit breaker" rules, stocks resume trading 15 minutes after the halt. The halt on Monday morning was the first since the rules were implemented after the Great Recession.

  • If there's a subsequent drop of 13% from the last trading close, there will be another 15-minute trading halt.
  • If there's a 20% drop at any point, that would halt trading for the rest of the day.

Go deeper

19 mins ago - Health

Moderna to file for FDA emergency use authorization for COVID-19 vaccine

Photo illustration by STR/NurPhoto via Getty Images

Moderna announced that it plans to file with the FDA Monday for an emergency use authorization for its coronavirus vaccine, which the company said has an efficacy rate of 94.1%.

Why it matters: Moderna will become the second company to file for a vaccine EUA after Pfizer did the same earlier this month, potentially paving the way for the U.S. to have two COVID-19 vaccines in distribution by the end of the year. The company said its vaccine has a 100% efficacy rate against severe COVID cases.

The social media addiction bubble

Illustration: Annelise Capossela/Axios

Right now, everyone from Senate leaders to the makers of Netflix's popular "Social Dilemma" is promoting the idea that Facebook is addictive.

Yes, but: Human beings have raised fears about the addictive nature of every new media technology since the 18th century brought us the novel, yet the species has always seemed to recover its balance once the initial infatuation wears off.

Young people's next big COVID test

Illustration: Eniola Odetunde/Axios

Young, healthy people will be at the back of the line for coronavirus vaccines, and they'll have to maintain their sense of urgency as they wait their turn — otherwise, vaccinations won't be as effective in bringing the pandemic to a close.

The big picture: "It’s great young people are anticipating the vaccine," said Jewel Mullen, associate dean for health equity at the University of Texas. But the prospect of that enthusiasm waning is "a cause for concern," she said.