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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

Trump bump: NYT and WaPo digital subscriptions tripled since 2016

Data: Axios reporting and public filings; Chart: Axios Visuals

The New York Times and The Washington Post have very different strategies for building the subscription news company of the future.

The big picture: Sources tell Axios that the Post is nearing 3 million digital subscribers, a 50% year-over-year growth in subscriptions and more than 3x the number of digital-only subscribers it had in 2016. The New York Times now has more than 6 million digital-only subscribers, nearly 3x its number from 2016.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Biden's emerging climate orbit

Photo illustration: Aïda Amer/Axios. Photo: Win McNamee/Getty Images

As of Tuesday morning, we know a lot more about President-elect Joe Biden climate personnel orbit, even as picks for agencies like EPA and DOE are outstanding, so here are a few early conclusions.

Why it matters: They're the highest-level names yet announced who will have a role in what Biden is promising will be a far-reaching climate and energy agenda.

Janet Yellen is back

Photo illustration: Sarah Grillo/Axios. Photo: Hannelore Foerster/Getty Images

A face familiar to Wall Street is back as a central player that this time will need to steer the country out of a deep economic crisis.

Driving the news: President-elect Joe Biden is preparing to nominate former Fed chair Janet Yellen to be Treasury secretary.