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Data: Money.net; Chart: Chris Canipe/Axios

Express Scripts, CVS Health, and UnitedHealth Group lost a combined $5 billion in market cap Thursday after it was revealed the Trump administration is proposing a rule that will alter how drug rebates can legally work in federal health care programs.

Flashback: These pharmacy benefit managers took a similar beating in May when the rebate chatter began.

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Ben Geman, author of Generate
19 mins ago - Economy & Business

GM dives full-throttle into electric

GMC Hummer EV. Photo courtesy of General Motors

What has LeBron James as a pitchman, some slightly awkward promotional phrasing ("watts to freedom"), and a six-figure starting price? The electric GMC Hummer.

Driving the news: General Motors unveiled the vehicle — a reborn version of the deceased mega-guzzler — with a highly produced rollout Tuesday night that included a World Series spot. The company also began taking reservations.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: Studies show drop in COVID death rate — The next wave is gaining steam — The overwhelming aftershocks of the pandemic.
  4. Education: Schools haven't become hotspots.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

CEO confidence skyrockets on expectations of layoffs and wage cuts

U.S. consumers remain uncertain about the economic environment but CEOs are feeling incredibly confident, the latest survey from the Conference Board shows.

Why it matters: Confidence among chief executives jumped 19 points from its last reading in July, rising above the 50-point threshold that reflects more positive than negative responses for the first time since 2018.

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