Shoppers stop to view Macy's holiday window display in Manhattan. Photo: Victor J. Blue / Bloomberg via Getty Images

Macy's holiday sales were 1% better in 2017 than in 2016, but the retail giant still expects a 3.6–3.9% drop in revenue for fiscal year 2017, CNBC reports. Macy's also plans to close 11 store locations and cut 5,000 jobs early this year — moves that will save the company $300 million in annual expenses — in an effort to focus on growing its online presence. The company's shares were down 4% on the news as of mid-day Thursday.

The big picture: Macy's is part of a widespread implosion of Big Retail.

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48 mins ago - Health

We're losing the war on the coronavirus

Chart: Danielle Alberti/Axios

By any standard, no matter how you look at it, the U.S. is losing its war against the coronavirus.

Why it matters: The pandemic is not an abstraction, and it is not something that’s simmering in the background. It is an ongoing emergency ravaging nearly the entire country, with a loss of life equivalent to a Sept. 11 every three days — for four months and counting.

Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 13 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.