Stocks on Monday had their worst day since January. The Dow Jones Industrial Average fell 618 points, while the S&P 500 dropped 2.4% and the Nasdaq closed down 3.4%.

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Data: Money.NET; Chart: Harry Stevens/Axios

Why it matters: The stock market has largely ignored potential threats of a U.S.-China trade deal falling through. That changed today when China announced it would retaliate against U.S. actions by raising tariffs to 25% on $60 billion worth of U.S. imports (effective June 1).

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Data: Money.Net; Chart: Harry Stevens/Axios
Expand chart
Data: Money.Net; Chart: Harry Stevens/Axios

What to watch: President Trump backed off his initial threat to tax everything else the U.S. imports from China ($325 billion worth of goods), telling reporters that he "hasn't made a decision" on that yet.

  • Trump also said he plans to meet with Chinese president Xi Jinping next month at the G20 summit, potentially opening the door for some sort of salvo between the two nations.

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Hurricane Zeta makes landfall on Louisiana coast as Category 2 storm

A satellite image of Hurricane Zeta. Photo: National Hurricane Center/NOAA

Hurricane Zeta is "battering southeastern Louisiana and southern Mississippi with life-threatening storm surge, high winds, and heavy rain," per the National Hurricane Center.

What's happening: The hurricane was producing maximum sustained winds of nearly 110 mph and stronger gusts after making landfall on the southeastern coast of Louisiana as a Category 2 storm earlier Wednesday.

Supreme Court rejects GOP push to cut absentee ballot deadline in N.C.

Photo: Robert Alexander/Getty Images

The Supreme Court on Wednesday rejected a request by Republicans to shorten North Carolina's deadline for mail-in ballots from nine to three days.

The big picture: This is the latest of a series of decisions over mail-in ballot deadlines in various states.

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Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
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  5. Sports: Boston Marathon delayed as COVID-19 surges MLB to investigate Dodgers player who joined celebration after positive COVID test.