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Data: S&P 500; Chart: Harry Stevens/Axios

The stock market decline comes despite a record level of buybacks — more than $200 billion in the last quarter alone, up some 58% from a year ago.

Why it matters: It's a lot easier for companies to reduce buybacks than it is for them to reduce dividends. If and when earnings start to decline, it should be quite easy for buybacks to fall in tandem.

  • Buybacks are rising mainly because companies have been very cautious about raising their dividends. If you look at the level of dividends and buybacks combined, it tracks very closely with total corporate earnings, which have been growing impressively.
  • In 2007 and 2015, earnings fell below the amount that companies were spending on buybacks and dividends. That's no longer the case.

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Updated 2 hours ago - Health

Atlanta Mayor Keisha Lance Bottoms tests positive for coronavirus

Atlanta Mayor Keisha Lance Bottoms said on Monday that she has tested positive for the coronavirus after displaying no symptoms.

Why it matters: Bottoms, one of several Black women on the shortlist to be Joe Biden's running mate, has risen to national prominence in recent months as part of mass protests over racism and police brutality — driven in part by the killing of Rayshard Brooks by Atlanta police.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 11,565,541 — Total deaths: 536,658 — Total recoveries — 6,258,697Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 2,922,000 — Total deaths: 130,208 — Total recoveries: 924,148 — Total tested: 36,032,329Map.
  3. Public health: Case growth outpacing testing in hotspots.
  4. States: West Virginia becomes latest state to mandate facial coverings in public.
  5. Politics: Atlanta Mayor Keisha Lance Bottoms tests positiveCuomo accuses Trump of "enabling" the coronavirus surge — Sen. Chuck Grassley opts out of attending GOP convention over coronavirus concerns.

Trump ramps up culture war attacks

Photo: Tasos Katopodis/Getty Images

President Trump's attacks are spreading to sports that are cornerstones of rural, conservative white American life.

Why it matters: The culture war that engulfed the NBA and NFL is reaching other major leagues, with teams that stonewalled activists for years suddenly showing a willingness to listen.