Adapted from S&P Global; Chart: Axios Visuals

More than 30% of debt from U.S. companies is trading at distressed levels, ratings agency S&P Global reports.

The state of play: "The U.S. distress ratio grew considerably to 30.2% as of April 10 from 24.9% as of March 16, with the highest proportion of distressed credits held by oil and gas issuers and financial institutions," analysts said in a recent note to clients.

  • Almost 70% of all debt in the oil and gas sector is trading at distressed levels and four other sectors have a distress ratio higher than 35%, including retail and restaurants (44.6%), transportation (43.2%), automotive (36.7%) and midstream and merchant power (36.5%).
  • Bond spreads for U.S. companies have "widened at unprecedented levels, especially at the speculative-grade level, where issuance has all but disappeared," S&P notes.

What it means: Distressed debt refers to bonds trading at significant discounts because a company has or is likely to file for bankruptcy or default.

Go deeper: How to deal with debts in a pandemic

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The continued rise of retail stock trading

Data: The Block; Chart: Danielle Alberti/Axios

Small investors are playing a larger role in the stock market than at any time this century.

The big picture: Whatever the reason for small investors' rise — lots of free time thanks to the pandemic, zero-dollar commissions, addictive and gamified apps, enticing volatility — retail investors have become a driving force behind many individual stocks and maybe even the market as a whole.

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World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.