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Good morning.

Here’s what you need to know:

As markets drop, take the long view

• That’s the advice of Neil Irwin, one of our economics correspondents, after the Dow fell 1,175 points on Monday, its largest single-day point decline ever. Here are four takeaways from the sell-off.

He reports that the slump returned the market roughly to its level in mid-December, less than two months ago, and that it seems more worrisome than it is.

Still.

Stock markets in Asia and Europe fell today, and Wall Street opened lower but then recovered.

Our DealBook columnist, Andrew Ross Sorkin, attributes the turmoil to investors’ belief that President Trump’s policies to stoke growth are going to work, but so much so that they’ll overheat the economy.

Mr. Trump took credit for rising stocks at least 25 times in January alone, even though most presidents scrupulously avoid talking about short-term market trends. The past few days demonstrate why. He didn’t mention the recent decline during a speech about the economy on Monday. (Indexes remain well above where they were when he was elected.)