Wall Street had its worst day of the year on Monday, with the Dow Jones Industrial Average sinking 766 points, the S&P 500 down 2.98%, and the Nasdaq Composite down 3.47%.

Expand chart
Data: FactSet; Chart: Axios Visuals

What's happening: Equity declines in the U.S., as well as the plunge in Treasury yields, reflect fears that President Trump's trade war with China is escalating.

  • The sell-off started on Thursday and continued on Friday after Trump announced a 10% tax on the remaining $300 billion worth of imports from China.
  • On Monday, China retaliated by allowing the yuan to weaken past 7-to-1 against the dollar, while also announcing that it would halt purchases of U.S. agricultural products.
  • The S&P 500 closed about 5% below the record high seen on July 12th.

Go deeper: Experts worry that the China trade war could go on for decades

Go deeper

When U.S. politicians exploit foreign disinformation

Illustration: Aïda Amer/Axios

U.S. political actors will keep weaponizing the impact of widespread foreign disinformation campaigns on American elections, making these operations that much more effective and attractive to Russia, China, Iran or other countries backing them.

Why it matters: Hostile powers’ disinformation campaigns aim to destabilize the U.S., and each time a domestic politician embraces them, it demonstrates that they work.

15 mins ago - Technology

Samsung debuts Note 20, new foldable smartphone

The Galaxy Note 20 Ultra

Samsung unveiled its crop of new mobile devices Wednesday, including two versions of the Note 20 smartphone, an updated foldable device, two tablets and a watch.

Why it matters: The new devices aim to give Samsung an early start at the second half of the year, with products aimed at parents buying fresh gear for the back-to-homeschool season.

Joe Biden will no longer travel to Milwaukee for Democratic convention

Photo: Mark Makela/Getty Images

Joe Biden will no longer be traveling to Milwaukee the week of Aug. 17 to accept his nomination in person at the Democratic National Convention due to COVID-19 concerns, the DNC announced Wednesday.

Why it matters: No planned speakers will travel to Milwaukee, meaning that the convention will be entirely virtual — unlike the hybrid event that the party had previously been planning. Biden will accept the nomination from his home state of Delaware.