A Lowe's store. Photo: Michael Brochstein/LightRocket via Getty Images

Lowe's will begin slashing its in-store inventory and is shutting down its 99 Orchard Supply Hardware locations across the country in hopes of boosting its sales in other areas to compete with Home Depot, CNN Money reports.

Why it matters: The move shows the company's new CEO Marvin Ellison, hired away from JC Penny, is unafraid to make cuts and reduce inventory to focus on other areas he feels the company needs to improve in. The company's second quarter sales increased 5.3% according to CNN, but it still leaves it behind Home Depot at 8%.

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Dave Lawler, author of World
23 mins ago - World

Pompeo to protest China deal in Vatican visit

Pompeo. Photo: Getty

Secretary of State Mike Pompeo will visit the Vatican on Tuesday to protest the pending renewal of a controversial deal with China.

Behind the scenes: Pope Francis has reportedly declined to meet with Pompeo, citing the imminent U.S. election.

House Democrats unveil new $2.2 trillion coronavirus relief proposal

House Speaker Nancy Pelosi (D-Calif.) Photo: Liz Lynch/Getty Images

Speaker Nancy Pelosi (D-Calif.) on Monday unveiled House Democrats' new $2.2 trillion coronavirus relief proposal.

Why it matters: Negotiations with the Trump administration have stalled since the House passed its $3 trillion HEROES Act in May. The pared-down bill, which is $200,000 smaller than Democrats' most recent proposal, is part of Pelosi's last-ditch effort to strike a deal with the White House.

Updated 54 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 33,238,168 — Total deaths: 999,667 — Total recoveries: 22,980,342Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 7,143,521 — Total deaths: 205,003 — Total recoveries: 2,766,304 — Total tests: 101,308,599Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: India the second country after U.S. to hit 6 million cases.