Photo: Alex Edelman/Getty Images

Embattled Virginia Gov. Ralph Northam told the Washington Post on Saturday that he "overreacted" when issuing his initial statement responding to a racist photograph on his 1984 medical school yearbook page, which said that he was "deeply sorry for the decision [he] made to appear as [he] did in this photo."

Details: A "chastened and subdued" Northam repeated his later, revised claim that he is not in the picture, but he did not offer an explanation for how it was placed there. He gave no indication that he planned to resign, instead telling the Post that he will pursue "equity" during the remainder of his term and had "asked his cabinet secretaries to come up with specific proposals to begin addressing issues of inequality."

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BodyArmor takes aim at Gatorade's sports drink dominance

Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.