Oct 19, 2017

The 30th anniversary of Black Monday

A screen above the trading floor of the New York Stock Exchange. Photo: Richard Drew / AP

Today is the 30th anniversary of Oct. 19, 1987, the "biggest single-day stock market collapse in history — a 23 percent drop" that "rendered once-trusted ideas useless and redefined the financial landscape for market professionals," Bloomberg recalls.

Why it matters: "Black Monday ... is part of financial history's fossil record, a divide between old and new markets. It was the first significant instance of computer-driven trading run amok."

The Dow Jones passed another record yesterday, but the markets are flashing red lights at a correction is coming, per a Wall Street Journal front-pager:

  • "Many investors are concerned that the steady rise in U.S. indexes has left shares looking expensive. They also recently have grappled with elevated tensions between the U.S. and North Korea, hurricane-related disruptions to the economy and signals that the Federal Reserve is planning to raise interest rates further and wind down its unprecedented asset-purchase program."
  • The Trump bump: "The S&P 500 hasn't suffered a daily pullback of 3% or more since Nov. 4, the longest stretch without a decline of that magnitude since the mid-1990s. So far this year the Dow has surged 17%, compared with the S&P 500's 14% rise."
  • Why it matters: "Some investors worry that means stocks are overdue for a substantial selloff."

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3:30 p.m. ET: 838,061 — Total deaths: 41,261 — Total recoveries: 174,115.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 3:30 p.m. ET: 177,452 — Total deaths: 3,440 — Total recoveries: 6,038.
  3. Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with other health conditions are more at risk, new data shows.
  4. Federal government latest: The White House and other institutions are observing several models to better understand and prepare cities for when the coronavirus is expected to peak in the U.S.
  5. In Congress: New York Rep. Max Rose deploys to National Guard to help coronavirus response.
  6. 🎧 Podcast: Misinformation in the coronavirus age.
  7. What should I do? Answers 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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U.S. coronavirus updates: White House studies models projecting virus peak

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The White House and other institutions are observing several models to better understand and prepare cities for when the coronavirus is expected to peak in the U.S.

The state of play: The coronavirus is expected to peak in the U.S. in two weeks, but many states like Virginia and Maryland will see their individual peaks well after that, according to a model by the University of Washington's Institute for Health Metrics and Evaluation.

Go deeperArrowUpdated 2 hours ago - Health

FDA authorizes two-minute antibody testing kit to detect coronavirus

Currently, it takes days to produce results from testing kits. Photo: Sergei Malgavko\TASS via Getty Images

The Food and Drug Administration issued an emergency approval Tuesday for a serological testing kit produced by Bodysphere Inc. that can detect a positive or negative result for COVID-19 in two minutes.

Why it matters: Access to testing has improved in the U.S. thanks to commercial labs, but the average wait time for a patient's results is four to five days — with some reports of it taking more than a week.

Go deeperArrowUpdated 3 hours ago - Health