Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

The best-performing sector of the American stock market this year, bar energy, has been the "consumer discretionary" category — the companies that sell the things we like to buy but don't have to buy.

Expand chart
Data: FactSet; Chart: Chris Canipe/Axios

The big picture: It's also been one of the main drivers of the market as a whole. While the broad stock market is up a very impressive 332% from its 2009 lows, consumer discretionary stocks are up a stunning 630%.

  • To be sure: A large chunk of that growth is thanks to just two stocks: Amazon and Netflix. But it's worth pausing to appreciate that two of the highest-flying technology stocks (three, if you include Apple) get most of their revenues by selling their products directly to consumers. That certainly wasn't the case in the days of the Wintel duopoly of Microsoft and Intel.
  • Neither Amazon Prime nor Netflix is a necessity in life. But both of them have already passed 100 million paying subscribers. (For scale: There are about 125 million households in the U.S.)

The bottom line: We're in a virtuous cycle, where record-low unemployment (just 3.7%, in September) feeds into job security, heightened consumer confidence and higher spending. In turn, that drives corporate growth in profits and headcount.

  • None of this is reliant on low interest rates. The healthy economy means that the Fed will keep on hiking, as a glance at the two-year bond yield will attest. Long bond yields, too, are hitting five-year highs. It almost feels like we're back to normal.

Go deeper

Updated 44 mins ago - World

Trudeau's government projected to win Canada election

Canadian Prime Minister Justin Trudeau. Photo: Jeff Vinnick/Getty Images

Canadian Prime Minister Justin Trudeau's Liberal government has been reelected in the national election, the CBC and CTV News projected on Monday night.

By the numbers: The Liberal Party needs to win 170 seats in the 338-seat House of Commons to form a majority government. Preliminary figures show the party ahead with 156 seats at midnight ET, with nearly 66% of polling stations reporting.

Pelosi's back-to-school math problem

Illustration: Sarah Grillo/Axios

House Speaker Nancy Pelosi (D-Calif.) may need votes from an unlikely source — the Republican Party — if she hopes to pass the bipartisan infrastructure bill by next Monday, as she's promised Democratic centrists.

Why it matters: With at least 20 progressives threatening to vote against the $1.2 trillion bipartisan bill, centrist members are banking on more than 10 Republicans to approve the bill.

By the numbers: Haitian emigration

Expand chart
Data: CBP; Chart: Sara Wise/Axios

The number of Haitians crossing the U.S.-Mexico border had been rising even before their country's president was assassinated in July and the island was struck by an earthquake a month later.

Why it matters: A spike during the past few weeks — leaving thousands waiting in a makeshift camp under a bridge in Del Rio, Texas — has prompted a crackdown and deportations by the Biden administration.