Former South Bend, Indiana Mayor Pete Buttigieg. Photo: Scott Olson/Getty Images

Former 2020 presidential candidate Pete Buttigieg is launching a political action committee and an affiliated nonprofit, according to sources cited by the New York Times.

The big picture: The PAC, named Win the Era, is expected to endorse young candidates in down-ballot political races to build a "pipeline" for the Democratic Party. The groups will focus on issues such as climate change and cybersecurity. The ex-mayor of South Bend, Ind. is asking donors to roll over the leftover $2.8 million from his general election funds to the PAC.

Go deeper: Biden and Trump are working out details for a call about coronavirus

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U.S. economy adds 1.8 million jobs in July

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. added 1.8 million jobs last month, while the unemployment rate fell to 10.2% from 11.1% in June, the Labor Department said on Friday.

Why it matters: The labor market continued to recover but the pace of job growth slowed significantly from June’s 4.8 million job gain, suggesting a stalled recovery as coronavirus cases surged and states pulled back on reopening plans.

42 mins ago - Sports

The pandemic's impact on how sports are played

Damian Lillard shoots a free throw during one of the NBA's restart games. Photo: Mike Ehrmann/Getty Images

Sports are back, and on the surface, the actual gameplay looks fairly similar to when we last saw them.

But beneath that facade of normalcy lie some interesting trends spurred on by fan-less environments, long layoffs and condensed schedules.

A soaring Nasdaq is just one slice of the buy-anything market

Illustration: Aïda Amer/Axios

The Nasdaq closed above 11,000 for the first time on Thursday, ending the session higher for the seventh time in a row and eighth session in nine. It has gained nearly 10% since July 1.

Why it matters: It's not just tech stocks that have rallied recently. Just about every asset class has jumped in the third quarter, including many that typically have negative or inverse correlations to each other.