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Photo: Timothy A. Clary/AFP via Getty Images

President Trump tweeted Monday that cratering oil prices and "Fake News" caused the stock market's plunge, brushing off Wall Street's increasing anxieties about the novel coronavirus outbreak.

Why it matters: While oil price issues are certainly a significant driver of the market drop, Trump's tweets came after the illness' spread continued to worsen over the weekend across the globe.

  • Trading halted for 15 minutes on Monday morning after the S&P 500's losses hit 7%, marking the first use of "circuit breakers" for the markets implemented after the 2008 financial crisis.
  • The White House's mixed messaging on the illness, which has often been at odds with public health experts, has induced some confusion among businesses and the public on how to better prepare.
  • The president tried to pivot the issue back to the worries of average Americans, stating that "gasoline prices [are] coming down" in another tweet.

Worth noting: "Crude has become a bigger problem for markets than the coronavirus," Adam Crisafulli, founder of Vital Knowledge, told CNBC.

  • "It will be virtually impossible for the [S&P 500] to sustainably bounce if Brent continues to crater."

Between the lines, via Axios' Ben Geman: This appears to be Trump's first effort to manage the politics of the oil price collapse.

  • While the price drop will indeed send gasoline prices down further, it will also bring economic pain to U.S. oil-producing regions where development is expected to slow.

Go deeper: Trump Jr. defends saying Democrats want millions to die from coronavirus

Go deeper

The next worker fight: Time off for Juneteenth

Illustration: Annelise Capossela/Axios

Who gets paid time off to celebrate Juneteenth in the years to come will be uneven and complicated, if history is any guide.

Why it matters: Corporate America hasn't grappled with a new federal holiday since Martin Luther King Jr. Day was authorized almost 40 years ago. How they responded took years to evolve.

8 mins ago - World

UN assembly condemns Myanmar military coup

Protesters make the three-finger salute as they take part in a flash mob demonstration against the military coup. Photo: AFP via Getty Images.

The United Nations General Assembly on Friday condemned Myanmar's military coup and called for an arms embargo against the country, AP reports.

Why it matters: The rare move demonstrates widespread global opposition to Myanmar's military junta, which overthrew the country's democratically elected government and seized power on Feb. 1.

Pakistan PM will "absolutely not" allow CIA to use bases for Afghanistan operations

Pakistan will "absolutely not" allow the U.S. Central Intelligence Agency to use bases on its soil for cross-border counterterrorism missions after American forces withdraw from Afghanistan, Prime Minister Imran Khan tells "Axios on HBO" in a wide-ranging interview airing Sunday at 6 pm ET.

Why it matters: The quality of counterterrorism and intelligence capabilities in Afghanistan is a critical question facing the Biden administration as U.S. forces move closer to total withdrawal by Sept. 11.