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

Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 19,172,505 — Total deaths: 716,327— Total recoveries — 11,608,417Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 4,902,692 — Total deaths: 160,394 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Trump floats executive action even if stimulus deal is reached.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus.
  6. World: Africa records over 1 million coronavirus cases.

General Motors tries to revive incendiary lawsuit vs. Fiat Chrysler

Illustration: Eniola Odetunde/Axios

General Motors is trying to revive an incendiary lawsuit against Fiat Chrysler Automobiles with explosive new allegations including bribes paid from secret offshore bank accounts and a union official acting as a double agent between the two automotive giants.

Why it matters: The extraordinary legal battle is occurring amid earth-shaking changes in the global auto industry that threaten to turn both litigants into dinosaurs if they aren't nimble enough to pivot to a future where transportation is a service, cars run on electrons and a robot handles the driving.

2 hours ago - Health

Cuomo says all New York schools can reopen for in-person learning

Gov. Cuomo on July 23 in New York City. Photo: Jeenah Moon/Getty Images

New York Gov. Andrew Cuomo announced Friday that all school districts across the state can choose to reopen for in-person learning because it has so far maintained low enough coronavirus transmission rates.

Why it matters: It’s another sign that the state, once the global epicenter of the pandemic, has — at least for now — successfully curbed the spread of the virus even as infections have surged elsewhere around the country.