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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).

Expand chart
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."
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Go deeper

32 mins ago - World

Biden huddles with European allies on Ukraine ahead of Putin call

Putin in the Kremlin. Photo: Grigory Sysoyev/Sputnik via Getty

President Biden will seek to convince Russia's Vladimir Putin in a phone call Tuesday that the price of invading Ukraine would be steeper than anything he's faced in the past.

Driving the news: Biden held a call on Ukraine this evening with the leaders of France, Germany, Italy and the U.K., while Secretary of State Tony Blinken called Ukrainian President Volodymyr Zelensky to offer America's "unwavering support."

Justice Department closes Emmett Till murder probe

A faded photograph is attached to the headstone that marks the gravesite of Emmett Till in Burr Oak Cemetery in Chicago. Photo: Scott Olson via Getty Images

The family of Emmett Till announced Monday that the Department of Justice has formally closed its second investigation into the 1955 murder of Emmett Till.

Why it matters: The DOJ reopened the probe in 2018 after the white woman at the center of the case reportedly recanted her allegation that Till, a Black 14-year-old, sexually harassed her prior to his murder.

GOP Rep. Devin Nunes to retire, will be CEO of Trump media org

Rep. Devin Nunes. Photo: Dylan Hollingsworth/Bloomberg via Getty Images

Rep. Devin Nunes (R-Calif.), who serves as the top Republican on the House Intelligence Committee, will retire at the end of the year and become CEO of Trump's new media organization.

Why it matters: Nunes, once considered a moderate member of the party, became one of the fiercest defenders of former President Donald Trump throughout both of Trump's impeachments and the Intel committee's Russia investigation.