May 6, 2019

Stock futures dive after Trump threatens China with tariffs hike

New York Stock Exchange. File photo: Drew Angerer/Getty Images

Stock futures plummeted Sunday evening, after President Trump said tariffs on $200 billion of China's goods would be raised to 25%, as trade talks between the 2 countries stalled.

By the numbers: Dow futures tumbled more than 400 points, while the S&P 500 futures also fell.

The big picture: China's considering canceling the trade talks, according to The Wall Street Journal. However, Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut told Reuters Trump could have made the comments as a negotiating tactic, so investors shouldn't panic just yet.

Go deeper: Grading the impact of Trump's China tariffs

Go deeper

The weirdest NBA draft ever

Table: Axios Visuals

The 2020 NBA draft was already shaping up to be the weirdest draft in years, and now that the coronavirus pandemic has disrupted the sports world, it could be the weirdest draft ever.

Why it matters: While most drafts have a clear hierarchy by the time April rolls around, this draft does not. There's no reliable No. 1 pick, almost every top-10 prospect has a glaring weakness and the global sports hiatus has shrouded the whole class in mystery.

Jobless claims spike to another weekly record amid coronavirus crisis

A sign in Livingston, Mont. Photo: William Campbell/Corbis via Getty Images

6.6 million people filed for unemployment last week, a staggering number that eclipses the record set just days ago amid the coronavirus pandemic, according to government data released Thursday.

Why it matters: Efforts to contain the outbreak are continuing to create a jobs crisis, causing the sharpest spikes in unemployment filings in American history.

Debt crisis awaits in emerging markets

Illustration: Eniola Odetunde/Axios

Many of the world's poor and developing countries could begin defaulting on their bonds in the coming weeks as the coronavirus outbreak has led to massive outflows from emerging market assets and real-world dollars being yanked from their coffers.

Why it matters: The wave of defaults is unlikely to be contained to EM assets and could exacerbate the global credit crisis forming in the world's debt markets.