It's been a bad year for retailers, as investors have been dumping the entire sector (except Amazon). With consumers continuing to move their shopping online, the latest victim is bulk retailer Costco, whose shares fell by nearly 6% by Friday afternoon, making it the worst performing stock of the day in the S&P 500.

Expand chart
Data: Money.net; Chart: Andrew Witherspoon / Axios

Why investors have soured on the company: Costco announced shrinking profit margins, combined with a plan to begin a grocery delivery service, which may end up cannibalizing more profitable in-store sales. The news seems to have served as an admission to investors that Costco—which as a bulk retailer was thought to be immune to online competition—is feeling the heat from Amazon and Walmart's stepped-up e commerce division.

Go deeper

Commission releases topics for first presidential debate

Moderator Chris Wallace. Photo: Drew Angerer/Getty Images

Fox News anchor Chris Wallace has selected what topics he'll cover while moderating the first presidential debate between President Trump and former Vice President Joe Biden next week.

What to watch: Topics for the Sept. 29 debate will include Trump and Biden's records, the Supreme Court, COVID-19, economic policy, racism and the integrity of the election, the Commission for Presidential Debates announced on Tuesday. Each topic will receive 15 minutes of conversation and will be presented in no particular order.

Fed chair warns economy will feel the weight of expired stimulus

Treasury Secretary Steven Mnuchin and Fed Chair Jay Powell bump elbows before House hearing on Tuesday. Photo: Joshua Roberts/Pool/AFP via Getty Images

Federal Reserve Chairman Jerome Powell told the House Financial Services Committee on Tuesday that the expiration of Congress' coronavirus stimulus will weigh on the U.S. economy.

Why it matters: Powell warned that the effects of dried-up benefits are a looming risk to the economy, even if the consequences aren't yet visible.

1 hour ago - World

Beijing draws Chinese companies even closer

Illustration: Annelise Capossela/Axios

Chinese Communist Party Secretary Xi Jinping announced last week that the party must strengthen its leadership over private companies, and that entrepreneurs must meet the party's needs. 

Why it matters: Xi's new announcement will increase fears that Chinese businesses may serve as a Trojan horse for the CCP.

Get Axios AM in your inbox

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

Please enter a valid email.

Subscription failed
Thank you for subscribing!