Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
A trader on the floor of the New York Stock Exchange yesterday. Photo: Drew Angerer / Getty Images
Bloomberg presents this stunning datapoint: "U.S. stocks had their worst April start since 1929."
The big picture: "The president — who frequently touted Wall Street’s rally following his 2016 election victory — was partly blamed for a sharp stock selloff ... that investors believe is likely to continue, deepening cracks in a nine-year-old bull run," per Reuters.
- "The selling was sparked by escalating fears of a trade war ... and by Trump’s renewed criticism of Amazon."
- Doug Kass, president of Seabreeze Partners Management in Palm Beach: “The president’s behavior is now beginning to impact the capital markets — both the averages and individual equities."
- Michael Purves, chief global strategist at Weeden & Co. in New York: “Selling tech is not a sector rotation story, it's a sell-the-market story.”
At the close yesterday, CNBC was rocking a red "MARKET SELL-OFF" graphic:
- "Financials down 10.6% from Jan. 26th 52-week high."
- "Dow, S&P and NASDAQ close in correction territory."
- "20% of S&P's tech sector enters bear market territory."