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

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.