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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."

Go deeper

Dion Rabouin, author of Markets
33 mins ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.

Ina Fried, author of Login
2 hours ago - Technology

CES was largely irrelevant this year

Illustration: Sarah Grillo/Axios

Forced online by the pandemic and overshadowed by the attack on the Capitol, the 2021 edition of CES was mostly an afterthought as media's attention focused elsewhere.

Why it matters: The consumer electronics trade show is the cornerstone event for the Consumer Technology Association and Las Vegas has been the traditional early-January gathering place for the tech industry.

The FBI is tracing a digital trail to Capitol rioters

Illustration: Sarah Grillo

Capitol rioters, eager to share proof of their efforts with other extremists online, have so far left a digital footprint of at least 140,000 images that is making it easier for federal law enforcement officials to capture and arrest them.

The big picture: Law enforcement's use of digital tracing isn't new, and has long been at the center of fierce battles over privacy and civil liberties. The Capitol siege is opening a fresh front in that debate.

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