Photo: Tasos Katopodis/Getty Images

Johnson & Johnson and UnitedHealth Group are lighting the Q1 earnings torch this week, per usual, but Wall Street investors are uneasy about the industry’s forecast even though companies are still immensely profitable right now.

Driving the news: Medicare for All legislation, the Trump administration’s drug rebate regulation and another legal battle over the Affordable Care Act have created volatility with health care stocks, which have traded below the broader market.

  • Those overhangs have especially affected the biggest health insurance companies even though they have reliably beaten Wall Street’s profit expectations almost every quarter for the past 3 years.
  • Barclays is holding a health care investor call today with Tim Gronniger, a former Obama administration health official, to talk through Medicare for All, among other topics.

By the numbers: We track more than 110 publicly traded health care companies, and together, they posted $168 billion of profit in 2018.

  • Just the profit haul of this basket of companies, which doesn’t include the hundreds of large U.S. not-for-profit hospital systems, is bigger than Utah’s entire economy.

Go deeper: Our health care earnings tracker is updated.

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Media prepares to fact check debates in real time

Illustration: Annelise Capossela/Axios

From live blogs to video chyrons and tweets, media companies are introducing new ways to fact check the presidential debates in real time this year.

Between the lines: The debates themselves are likely to leave less room for live fact-checking from moderators than a traditional news interview would.

Life after Roe v. Wade

The future seems clear to both parties: The Supreme Court will overturn Roe v. Wade in the next few years, either gradually or in one fell swoop, and the abortion wars will move to a state-by-state battle over freedom and restrictions. 

What's new: Two of the leading activists on opposite sides of the abortion debate outlined for “Axios on HBO” the next frontiers in a post-Roe v. Wade world as the balance on the Supreme Court prepares to shift.

Dion Rabouin, author of Markets
55 mins ago - Economy & Business

Jerome Powell, Trump's re-election MVP

Photo illustration: Annelise Capossela/Axios. Getty Images photos: Andrew Caballero-Reynolds/AFP and Lev Radin/Pacific Press/LightRocket

President Trump trails Joe Biden in most polls, has generally lower approval ratings and is behind in trust on most issues. Yet polls consistently give him an edge on the economy, which remains a top priority among voters.

Why it matters: If Trump wins re-election, it will largely be because Americans see him as the force rallying a still-strong U.S. economy, a narrative girded by skyrocketing stock prices and consistently climbing U.S. home values — but the man behind booming U.S. asset prices is really Federal Reserve chair Jerome Powell.