Why it matters: After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.
Joe Biden's campaign released on Tuesday a letter signed by 13 winners of the Nobel Prize in economics who say that while their views are different, they all think his policies "will result in economic growth that is faster, more robust, and more equitable."
Our thought bubble, via Axios Hans Nichols: These economist letters are often little more than veiled job applications from academics hoping for a Fed or White House position. But given that these laureates are éminence grises of American economics, they probably just want to be on the record supporting Biden.
America's elected representatives have failed America.
Why it matters: The bipartisan inability to deliver economic stimulus could impede economic growth for months to come. It will create widespread damage across America — from small businesses to large industries to schools and day cares — and leave many Americans without jobs or homes.
Before her death, Supreme Court Justice Ruth Bader Ginsberg was preparing to hear a case that could determine the availability of affordable health insurance for around 20 million Americans. Plus for those with pre-existing conditions.
Axios Re:Cap digs into the case and what happens next with University of Michigan law professor and Supreme Court expert Nicholas Bagley.
Viewership of Sunday's 72nd Primetime Emmy Awards dropped 11% year-over-year to 6.1 million viewers, according to preliminary ratings from Nielsen. Viewership from people ages 18-49, the prized advertising demographic, fell to a new low of just 1.2 million viewers.
Why it matters: Award shows have been experiencing a terminal ratings decline in recent years, alongside traditional television viewership more broadly. Even before the pandemic, the Oscars and Grammys saw historically low ratings earlier this year.
The story of last week's Snowflake and Unity Software IPOs had little to do with data warehousing or 3D game development, and lots to do with dizzying "pops" after pricing.
What happened: The Robinhood effect.
Microsoft said Monday it would acquire ZeniMax Media, the parent company of Bethesda Softworks, one of the largest privately held game developers and publishers in the world, for $7.5 billion in cash.
Why it matters: The deal brings an unprecedented level of gaming expertise and resources, including intellectual property, talent, and technology, to Microsoft's Xbox. It will also help further lift Microsoft's cloud gaming suite, Xbox Game Pass.
Garrett Motion, a New York-listed auto parts manufacturer based in Switzerland, filed for a prepackaged Chapter 11 bankruptcy that would include a $2.1 billion sale to KPS Capital Partners.
Behind the scenes: This deal is driven as much by ongoing litigation with former parent company Honeywell as it is by the pandemic-driven slowdown in auto manufacturing.
Walmart said Monday that it's aiming to have zero greenhouse gas emissions across its global operations by 2040.
Why it matters: It is the latest corporate giant to make an aggressive long-term pledge, and Walmart says it'll do it without offsets — that is, paying for climate-friendly projects elsewhere while continuing its own emissions.
Initial unemployment insurance filings fell below 800,000 for the first time since March last week, but the total number of Americans receiving unemployment benefits remained at nearly 30 million, data from the Department of Labor shows.
What's happening: While fewer people are filing initial jobless claims, there remains a staggering number of unemployment insurance recipients and the data are growing increasingly unreliable.
Economic tension between the U.S. and China continues to escalate but is shifting in focus — away from the tit-for-tat trade war and toward a more direct confrontation over the future of technology at the heart of the conflict between the world's two largest economies.
Why it matters: The battle between the U.S. and China was always about tech supremacy and the direct confrontation could result in an accelerated splintering of global supply chains and a significant reduction of international commerce.
U.S. economic activity fell more sharply in the second quarter of this year than during any other quarter in history. It's also going to grow more sharply in the third quarter of this year than during any other quarter in history.
Nikola announced Monday that executive chairman Trevor Milton, who is also the company's founder, is out as the electric and fuel cell truck startup reportedly faces federal inquiries into a short-seller's allegations of inaccurate or misleading statements.
Why it matters: It's the latest move in a head-spinning series of events for Nikola.
College students are learning less, partying less and a majority say the decision to return to campus was a bad decision, according to a new College Reaction/Axios poll.
Why it matters: The enthusiasm to forge something resembling a college experience has dissipated as online learning, lockdowns and a diminished social life has set in.