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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

CDC: Fully vaccinated people can gather indoors without masks

Photo: Filip Filipovic/Getty Images

People who have been fully vaccinated against COVID-19 can take fewer precautions in certain situations, including socializing indoors without masks when in the company of low-risk or other vaccinated individuals, according to guidance from the Centers for Disease Control and Prevention released Monday.

Why it matters: The report cites early evidence that suggests vaccinated people are less likely to have asymptomatic infection, and are potentially less likely to transmit the virus to other people. At the time of its publication, the CDC said the guidance would apply to about 10% of Americans.

Dan Primack, author of Pro Rata
46 mins ago - Economy & Business

Ripple CEO calls for clearer crypto regulations following SEC lawsuit

Illustration: Sarah Grillo/Axios

Ripple CEO Brad Garlinghouse tells "Axios on HBO" that if his company loses a lawsuit brought by the SEC, it would put the U.S. cryptocurrency industry at a competitive disadvantage.

Why it matters: Garlinghouse's comments may seem self-serving, but his call for clearer crypto rules is consistent with longstanding entreaties from other industry players.

Republican Sen. Roy Blunt will not seek re-election in 2022

Photo: Alex Wong/Getty Images

Sen. Roy Blunt (R-Mo.), widely seen as a member of the Republican establishment in Congress, will not run for re-election in 2022, he announced on Twitter Monday.

Why it matters: The 71-year-old senator is the No. 4-ranking Republican in the Senate, and the fifth GOP senator to announce he will not run for re-election in 2022 as the party faces questions about its post-Trump future.