🥁 Axios PM: Market mayhem

Pulitzer for photography | Monday, May 09, 2022

Open in app View in browser   Presented By Save American Solar Jobs   Axios PM By Mike Allen · May 09, 2022 Good afternoon: Today's PM — edited by Justin Green — is 368 words, a 1.5-minute read.     1 big thing: Market mayhem Data: Yahoo Finance. Chart: Axios Visuals Traders are hitting the sell button on virtually every key asset class, ratcheting up the fear factor on Wall Street, Axios managing editor for business Javier E. David reports. Why it matters: The Fed is laser-focused on taming inflation. That's making markets increasingly nervous as the U.S. economy sends mixed signals on growth. 🚨 Today's damage: Dow industrials fells about 650 points (2%) ... S&P was down 3% ... and the tech-heavy NASDAQ dropped 4%. Go deeper. Zoom in: Tech stocks are having a particularly rough year to date. Meta (Facebook) down 42%. Amazon down 36%. Apple stock down 16%. Netflix down 71%. Alphabet (Google) down 24%. Between the lines: China's extraordinary push to tamp down COVID infections is raising fears for the global economy.     2. 🪣 Russian ambassador splattered Photo: Wojtek Radwanski/AFP via Getty Images Russia's ambassador to Poland was hit with red paint today as he arrived at a cemetery for World War II-era Soviet soldiers on Victory Day, the commemorative day marking the defeat of the Nazis. Hundreds of pro-Ukrainian protesters prevented Ambassador Sergey Andreev from laying flowers at the Warsaw cemetery, AP reports. 🇺🇸 Another WWII touchpoint: President Biden signed a bill today reviving FDR's lend-lease program, allowing the U.S. to supply weapons to Ukraine more quickly.     A message from Save American Solar Jobs President Biden: Stop undermining U.S. solar manufacturing     The Biden Commerce Department is threatening massive tariffs that are devastating the American solar industry, costing U.S. jobs, hurting domestic manufacturing, raising inflation and undermining efforts to address climate change. Learn more.     3. Catch up quick Forecast high temperatures for today. Squares indicate record readings. Screenshot: Weatherbell.com Temperature records are set to fall across the southern Plains and Gulf Coast today, Axios' Andrew Freedman reports. The U.S. will lift tariffs on Ukrainian steel for the next year in a bid to help Ukraine, Commerce Secretary Gina Raimondo said today. "Jeopardy!" is on a rare run of super-champs: Mattea Roach, Amy Schneider and Matt Amodio landed three of the show's top five historic winning streaks — all in the past seven months. Keep reading.     4. 📷 Pulitzer for photography Photo: Marcus Yam/L.A. Times via Getty Images This afternoon, L.A. Times photographer Marcus Yam won the Pulitzer Prize for breaking-news photography, for his poignant, searing images of last summer's fall of Kabul, Afghanistan, to radical Taliban fighters. In Yam's image above, relatives and neighbors gather around the incinerated husk of a car hit by an errant U.S. drone strike that killed 10 family members, including seven children, in Kabul in August. Go deeper: Full Pulitzer list by Axios Media Trends author Sara Fischer.     A message from Save American Solar Jobs President Biden: Stop undermining U.S. solar manufacturing     The Biden Commerce Department is threatening massive tariffs that are devastating the American solar industry, costing U.S. jobs, hurting domestic manufacturing, raising inflation and undermining efforts to address climate change. Learn more.   Like this email style and format? It's called Smart Brevity®. Over 200 orgs use it — in a tool called Axios HQ — to drive productivity with clearer workplace communications.   Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here. 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: