President Trump — who made what many White House veterans considered the rookie mistake of repeatedly boasting about the peppy stock market — now owns the largest-ever single-day point plunge for the Dow Jones Industrial Average (and worst percentage drop — 4.1% — for the S&P in more than six years).

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Data: Yahoo! Finance; Chart: Axios Visuals
  • WashPost: With yesterday's loss of 1,175 points, or 4.6% (to 24,345), "Trump has presided over the biggest stock market drop in U.S. history, when measured by points in the Dow."
  • "The free fall began in earnest Jan. 30 and snowballed Friday and [yesterday], for a combined loss of almost 2,100 points, or 8 percent of the Dow’s value."
  • White House Press Secretary Sarah Sanders: “The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong."

Happening now ... "World stock markets nosedived for a fourth day running [today], having seen $4 trillion wiped off from what just eight days ago had been record high values." (Reuters)

  • Signs global rout will go on, per N.Y. Times: "The market sell-off in the United States ricocheted across the world [today] as investors from Tokyo to Hong Kong and London to Frankfurt voted with their feet and futures markets indicated the American stock market could be in for another tough day."
  • "The selling was broad, hitting companies of all sizes across industries."
  • "Market analysts digesting the numbers from Asia said they did not expect the selling to let up anytime soon."

What you need to know ... "The sharp sell-off ... lacked a specific trigger," per Bloomberg:

  • As with a plane crash, "experts are pointing to a confluence of factors, from concerns over the path of Federal Reserve interest-rate increases to a rapid unwinding of trades predicated on continued low volatility in markets."

If you read only 1 thing ... "US economy fundamentally strong despite stock market plunge," per AP:

  • "[T]he job market is strong. So is housing. Consumer confidence is solid, and manufacturing is rebounding. Households and businesses are spending freely. Personal debt has lightened since the financial crisis a decade ago. And major economies around the world are growing in tandem."

Be smart ... Axios Business Editor Dan Primack (who noted that he hadn't heard the word "contagion" in a while) emails me: "No one knows anything. Sure, there were contributing factors, like interest rates and the debt limit, and algorithmic trading bits being tripped and falling over each other like dominos."

  • But, but, but: "No one really knows why markets have big days in either direction, save for when there is a major external event (terrorist attack, etc.). It's a powerless feeling, bad for cable news punditry."

N.Y. Times Quote of the Day ... Jay Carney — White House press secretary to President Obama, and now an Amazon SVP — tweets the risks for presidents who tie their political fortunes to markets:

  • "If you claim the rise, you own the fall."

Go deeper

Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,739,537 — Total deaths: 751,910— Total recoveries: 12,895,242Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,242,184 — Total deaths: 166,971 — Total recoveries: 1,755,225 — Total tests: 64,612,034Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.