Photo: Drew Angerer/Getty

The Nasdaq closed down more than 3% on Monday, amid a broader market sell-off.

  • The Dow lost 395 points, or 1.56%, while the S&P 500 dropped 1.66%.

What's happening: It's a culmination of bad news for technology stocks. Apple dropped 4% following a report the company cut production orders for iPhones, while Facebook shares closed 5.7% lower after a Wall Street Journal story about company turmoil. Other big losers were Amazon (off 5%) and several chipmakers.

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Updated 3 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 12,945,828 — Total deaths: 569,878 — Total recoveries — 7,147,807Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 3,308,165— Total deaths: 135,219 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. Public health: Houston public health system CEO says situation is "dire."
  4. Eduction: College fraternity houses could become hotbeds.
  5. 🎧 Podcast: PPE shortages strike again amid surge.
1 hour ago - Health

SPACs are the new IPOs

Illustration: Aïda Amer/Axios

Churchill Capital Corp. III has agreed to acquire health-cost management services provider Multiplan at an initial enterprise value of $11 billion, as such deals continue to proliferate as alternatives to IPOs.

Why it matters: This is the largest special purpose acquisition company (SPAC) merger, and also includes the largest private investment in public equity (PIPE) associated with a SPAC. Existing Multiplan owners like Hellman & Friedman and General Atlantic will roll over more than 75% of their collective stake, and own over 60% of the public company.

Washington Redskins will change team name

Photo: Patrick McDermott/Getty Images

The Washington Redskins announced Monday that the NFL team plans to change its name.

Why it matters: It brings an end to decades of debate around the name — considered by many to be racist toward Native Americans. The change was jumpstarted by nationwide protests against systemic racism in the U.S. this summer.