After Trump finished up Tuesday night, former Kentucky Governor Steve Beshear delivered the Democratic response. MSNBC commentators were looking for someone else:

Steve Schmidt on MSNBC: "The Democratic Party is at its lowest point of power in this country since the 1920s. And the Democratic response was made by a 72-year-old, retired, two-term governor from Kentucky [Steve Beshear]. Not by Kamala Harris. Not by Kristen Gillibrand. Not by the Castro brothers. Not by anyone who has a future in the actual Democratic Party. Just amazing ineptitude. ... And on a personal note, I do wish the hostages behind him well."

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Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.