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Data: FactSet; Chart: Axios Visuals

The S&P 500 hit a curious milestone earlier this month: Less than 10% of its market capitalization was made up of financial services companies. That ratio was as high as 22% in 2007, before the 2008 financial crisis.

Why it matters: This is not a financial crisis. America's banks are well capitalized, the Fed has restored liquidity to the markets, and trust in the financial sector is hitting new highs. Still, banks are severely underperforming the stock-market recovery.

The financial companies in the S&P 500 include all the major banks, as well as other giant companies like Berkshire Hathaway, BlackRock, and American Express.

  • Together, they're worth some $2.4 trillion — but that's only 10% of the $24 trillion market cap of the S&P 500 as a whole.

By the numbers: An update to Edelman's trust barometer shows 65% of Americans saying that they trust their country's banks. That's up from 54% at the end of last year and 42% at the end of 2012.

Go deeper: Big banks trade profits for coronavirus insurance

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Axios Harris Poll 100: Corporate trust soars during the pandemic

Data: Harris Poll COVID19 Tracker Wave 20; Chart: Axios Visuals

The public's view of almost every industry has improved since the beginning of the coronavirus pandemic, according to a new Axios/Harris poll. Industries with a prominent role in life under quarantine have seen especially big jumps.

Why it matters: Businesses in America were already undergoing a transformation from being solely focused on profits to being focused on values as well. The coronavirus pandemic has expedited that shift, and consumers are responding favorably to it.

Uber CEO proposes "benefits funds" for gig workers

Uber CEO Dara Khosrowshahi. Photo: Scott Heins/Getty Images)

Uber CEO Dara Khosrowshahi called for establishing "benefits funds" for gig workers in a New York Times op-ed out Monday.

Why it matters: Gig workers, who remain independent contractors and not employees, have long pushed companies like Uber for benefits comparable to those received by traditional workers. The coronavirus pandemic and its resultant economic strain has broadened those calls.

Trump tries to set a tax trap for Biden

Photo: Jim Watson/AFP via Getty Images

President Trump is trying to lure Joe Biden into a Walter Mondale trap — attempting to force the Democratic nominee to embrace middle-class tax increases as part of his election strategy.

Why it matters: With his Saturday evening executive action to unilaterally rewrite the tax code, Trump again is demonstrating the lengths to which he’ll go to change the conversation — and try to make the election a choice between him and Biden, and not a referendum on him.