Colorado Rep. Mike Coffman. Photo: Larry French/Getty Images for SiriusXM

The Congressional Leadership Fund is pulling its planned TV advertising for Colorado Rep. Mike Coffman and Michigan Rep. Mike Bishop, Politico first reported and Axios has confirmed. The combined $3.1 million initially invested in these races will be redistributed elsewhere.

Why it matters: Both are tough races and Coffman's district was recently moved to favor Democrats. Moving money away from vulnerable GOP incumbents suggests that the party sees these races as a lost cause, but the NRCC is still advertising in both of them.

Go deeper: CLF has been working since February 2017 to help House Republicans in the midterm election.

Go deeper

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.

2 hours ago - Technology

Dark clouds envelop feel-good Pinterest

Illustration: Eniola Odetunde/Axios

Pinterest set out to be a bright spot in cutthroat Silicon Valley, but now stands to see its reputation forever tarnished by allegations of mistreatment and a toxic culture by women who held senior roles at the company.

Why it matters: Even a company known for progressive policy decisions and successfully combatting hateful and otherwise problematic content isn't immune to the systemic problems that have plagued many tech companies.