Axios PM: A first since 1946 — GameStop's astonishing volatility

1 big thing: A first since 1946 | Thursday, January 28, 2021

Open in app View in browser   Presented By Amazon   Axios PM By Mike Allen ·Jan 28, 2021 Good afternoon: Today's PM — edited by Justin Green — is 383 words, a 1.5-minute read.     1 big thing: A first since 1946 The last time the U.S. economy shrank as much as in 2020 was in 1946, at the tail end of WWII. The big picture: Full-year GDP fell 3.5% from 2019, with the recovery slowing down at the end of the year, Courtenay Brown reports. Source: St. Louis Fed; Billions of chained 2012 dollars; Chart: Axios Visuals By the numbers: 33.4%: annualized GDP growth in Q3 of 2020. 4%: annualized GDP growth in Q4. The U.S. economy remains in a deep hole and a full economic recovery is a ways off. The economy is still over $473 billion smaller than it was before the pandemic hit. The stock market was a silver lining in 2020, but is already proving to be more of a problem in 2021. It now faces a Senate Banking Committee hearing. Earlier today, major trading platforms like Robinhood, TD Ameritrade and Interactive Brokers restricted access to hot stocks like GameStop, angering everybody from Rep. Alexandria Ocasio-Cortez to Sen. Ted Cruz. Robinhood cited "recent volatility" for the stoppage and said in a statement that it planned to allow limited buying tomorrow. GameStop traded as low as $112.25 and as high as $482.85 today — an astonishing range, Axios' Felix Salmon notes. Data: YCharts; Chart: Axios Visuals     2. Trump wins again Photo via Kevin McCarthy's office This does not look like a Republican Party that's rushing to move on from former President Trump: House Minority Leader Kevin McCarthy flew down to Florida today to pay his respects. In a statement, he said Trump "committed to helping elect Republicans in the House and Senate in 2022." Rep. Liz Cheney of Wyoming, who voted to impeach, is underwater with GOP voters in a poll commissioned by Trump's political arm. Only five Senate Republicans were willing to vote against dismissing the impeachment trial.     A message from Amazon Amazon's $15 an hour starting wage is double the federal minimum wage     The federal minimum wage has been stuck at $7.25 an hour since 2009. At Amazon, we raised our starting wage to at least $15 an hour back in 2018 because it's good for workers, good for business, good for communities and good for our economy. Learn more.     3. Catch up quick Secret Service vehicles parked outside of Blair House, which is serving as temporary home for Vice President Harris, in D.C. on Monday. Photo: Evan Vucci/AP   General Motors plans to go all-electric by 2035. Go deeper. Facebook's independent Oversight Board published its first set of decisions Thursday, overturning four of the five cases it chose to review. Go deeper. The state of New York undercounted COVID-19-related deaths in nursing homes by as much as 50%, according to a report released by state Attorney General Letitia James. Go deeper. President Biden rescinded the anti-abortion "global gag rule."     4. 1 smile to go: Very good boys A Malinois being trained to sniff out COVID-19. Photo: Joel Saget/AFP via Getty Images   The Miami Heat will use coronavirus-sniffing dogs to screen fans ahead of tonight's game at AmericanAirlines Arena, Axios Sports' Kendall Baker reports. Why it matters: A German study last year found that trained dogs were able to sniff out COVID-19 with 94% accuracy. If guests are allergic or uncomfortable around dogs, they can submit a rapid antigen test instead, which can be processed in less than 45 minutes.     A message from Amazon At Amazon, we don't just think big, we do big     Amazon is committed to investing in their employees by: Starting employees at $15 an hour. Offering health benefits on day 1 for employees. Investing $700 million to give them skills to help move into higher-paying jobs in their communities. And we're just getting started.     Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Suite 1300, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. Change your preferences or unsubscribe here.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: