Proctor & Gamble slashed its budget by $200 million. Photo: Raymond Boyd / Getty Images

"Turmoil on Madison Avenue as Marketers Push for Change ... P&G slashes digital ad spending, calls for disrupting 'archaic Mad Men model'" from the Wall Street Journal's front page.

Why it matters: "It represents an important shift after years of marketers raising digital ad spending almost reflexively."

  • What's new: "The world’s biggest marketers are taking aggressive steps to change how they buy ads, triggering upheaval across the advertising industry."
  • What happened: "Procter & Gamble Co. ... slashed spending on digital advertising by more than $200 million last year, after a recent push for more transparency had revealed such spending to be largely wasteful."
  • "WPP, the world’s largest ad agency company, ... logged its worst performance since the financial crisis, posting a decline in net sales for the year and projecting no growth in 2018."
  • "Among the reasons: Big clients like P&G and Unilever PLC have been stepping up their campaigns to cut ad agency costs."

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Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,739,537 — Total deaths: 751,910— Total recoveries: 12,895,242Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,242,184 — Total deaths: 166,971 — Total recoveries: 1,755,225 — Total tests: 64,612,034Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.