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ERROR: type should be string, got "https://www.barrons.com/articles/a-rough-first-day-for-chairman-powell-1517877799\nA Rough First Day for Chairman Powell\nAlex Eule\nFeb. 5, 2018 7:43 pm ET\nWelcome to Review & Preview, a new daily email from Barron’s. Every evening we’ll review the news that moved markets during the day and look ahead to what it means for your portfolio in the morning. We’d like to know what you think of this beta launch. Give us your feedback by replying to this email or by filling out a short survey. Sign up to receive the newsletter in your inbox every weekday.\nBlack Monday, Part Deux? By one measure, the Dow Jones Industrial Average just suffered its worst day ever. The 1175-point drop is more than double the October 1987 day that still holds the real Black Monday title. But context is everything. Today’s drop represented a 4.6% decline. On Oct. 19, 1987, the Dow tumbled 23%. As bad as things got today, market circuit breakers -- available to stabilize trading -- never had to kick in. The first circuit breaker is triggered when the S&P 500 declines 7%.\nDJIA: -4.6% to 24,345.75\nS&P 500: -4.1% to 2648.94\nNasdaq: -3.8% to 6967.53\nThe Hot Stock: TripAdvisor +3.7%\nThe Biggest Loser: Wells Fargo -9.2%\nBest Sector: Finance -3.8%\nWorst Sector: Communications -4.6%\nAll VIX All the Time\nYou’re going to be hearing a lot about the CBOE Volatility Index, better known as the VIX, in the coming days. As remarkable as the stock gains have been in the last year, it’s the VIX that has continued to amaze traders. The index is a measure of volatility, and it has been essentially flat for a year, even as stocks soared. So when the VIX doubled on Monday afternoon -- settling at 37.32 -- the market’s selloff took on a new dimension. It was the VIX’s largest one-day percentage change in history. Here, again, perspective is key. The VIX peaked near 80 at the height of the credit crisis in 2008.\nWe’ve all been looking for signs of the market top, but never mind bitcoin euphoria or crazy M&A. The sign might have been that everyone was so calm. “The VIX’s spike above 18 suggests that perhaps we had an excess hiding in plain sight,” my colleague Ben Levisohnnoted today.\nChairman Powell, We Feel Your Pain\nMonday was the first official day on the job for Jerome Powell, the new chairman of the Federal Reserve. Randy Forsyth suggested this afternoon that the market rout was unlikely to change Powell’s plans. Randy also noted last week that the new chair was unlikely to bail out investors if stocks continue their decline. It remains to be seen, though, how Powell reacts now that he actually holds the most important financial position in the country. A bear market would likely create intense political pressure for him to act.\nThe market’s cold shoulder isn’t unprecedented. Janet Yellen, the outgoing chair, took the job on Feb. 3, 2014 -- that day the Dow fell 326 points, or 2.1%. It turned out to be the 11th worst trading day of her four-year tenure.\nMy colleague Vito Racanelli notes that Alan Greenspangot the real rejection. He took the reins of the Fed in August 1987 -- two months before the real Black Monday, which remains the worst-day ever for the Dow.\nIt’s not lost on me that the market wreck also coincides with the first day of this newsletter. We’ll chalk it up to good (bad?) timing. We hope you won’t hold it against us and promise to bring the context you need to keep things in perspective.\n‘What Happened to the Great Hedge?’\nThat’s the bitcoin question I overheard my colleague Avi Salzman asking a source this afternoon. During its meteoric rise, bitcoin was touted by bulls as a modern store of value tailor made for times of uncertainty. The last few days have put that to test and, let’s just say it hasn’t worked out too well. Bitcoin tumbled 16% Monday and is now down 64% from its December high. There was pain across the board for cryptocurrencies on Monday. Avi noted this morning that the largest 66 digital coins (by market cap) were falling.\n• Barron’s 100 Most Sustainable Companies Barron’s\n• GM Gets Back in the Fast Lane Barron’s\n• Apple Music on Track to Overtake Spotify in U.S. Subscribers WSJ\n• Robo-Adviser Websites Crashed, Cutting Clients Off From Accounts Bloomberg\nCorporate results were fairly quiet Monday, but later this week we get big reports (and thematic updates) from Walt Disney (Fox merger?), CVS Health (Amazon.Rx?), Viacom (CBS merger?), and Nvidia (the latest in self-driving tech?).\nHave a good night. And try to not think too much about your portfolio."