Updated Mar 22, 2018

Why the stock markets are tanking

Photo by Xinhua/Wang Ying via Getty Images

Stock markets were down sharply on Thursday, with the Dow Jones Industrial Average losing 724 points, or 2.96%.

Three key drivers: Tariffs, inter-bank lending rates and Facebook's troubles.

Tariffs: President Trump's expected announcement of anti-China tariffs, which have taken a particular bite out of Dow components like Boeing and Caterpillar. Stocks rebounded slightly after news came that the tariffs would not be imposed until after a 3o-day public comment period, which could let U.S. businesses plead their case. But then they resumed their plummet.

Financials: The LIBOR rates, which are the interest rates at which banks lend to one another, have hit their highest levels since 2008, thus hammering bank stocks.

Tech-lash: Facebook shares continue to fall, amid calls for increased regulation that could impact broader social media ad models. Some tech hardware companies, like Apple, also are experiencing tariff-related drops.

Go deeper

The polarized pandemic election

A Trump supporter protests Pennsylvania's stay-at-home order, during a May 15 rally outside the Capitol in Harrisburg. Photo: Mark Makela/Getty Images

President Trump is going all-in on pushing for a rapid, robust return to normal life, creating a visual, visceral contrast with Joe Biden and other Democrats who are more reticent to rip the masks off.

The state of play: Business friends have been urging Trump from the beginning to keep the lockdowns short. He's listening more and more.

Tech's long hot summer of antitrust

Illustration: Aïda Amer/Axios

Google, Facebook and other tech giants face a summer of regulatory grilling as long-running investigations into potential anticompetitive practices likely come to a head.

The big picture: Probes into the power of Big Tech launched by federal and state authorities are turning a year old, and observers expect action in the form of formal lawsuits and potentially damning reports — even as the companies have become a lifeline for Americans during the pandemic lockdown.

Palantir CEO hits Silicon Valley "monoculture," may leave California

Palantir is "getting close" to a decision on whether to move the company out of California, CEO Alex Karp said in an interview for "Axios on HBO."

The state of play: "We haven't picked a place yet, but it's going to be closer to the East Coast than the West Coast. ... If I had to guess, I would guess something like Colorado."