Illustration: Sarah Grillo/Axios

U.S. securities regulators have rejected an application by the New York Stock Exchange to allow companies to raise capital during direct listings, Axios has learned.

Why it matters: As we wrote earlier, the NYSE proposal could have upended the traditional IPO market, which has relied on Wall Street banks to set pricing terms.

What they're saying: “We remain committed to evolving the direct listing product. This sort of action is not unusual in the filing process and we will continue to work with the SEC on this initiative," per an NYSE spokesperson.

What's next: The SEC had until Friday to accept or reject the proposal, so expect NYSE to meet with regulators to determine next steps. The exchange remains determined to create these "hybrid" structures, which many venture capitalists and startups believe are in the best interest of both themselves and investors.

  • Rival exchange Nasdaq also is working on its own proposal.

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Updated 13 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 32,938,616 — Total deaths: 995,465 — Total recoveries: 22,782,724Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 7,101,774 — Total deaths: 204,618 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: 3 states set single-day coronavirus case records last week — New York daily cases top 1,000 for first time since June.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Debate commission co-chair: We don't expect moderators to fact-check candidates

Presidential Debate Commission co-chair Frank Fahrenkopf Jr. said Sunday he doesn't expect Fox News anchor Chris Wallace or any of the other moderators to fact-check President Trump or former Vice President Joe Biden at the debates.

What he's saying: "There's a vast difference between being a moderator in a debate and being a reporter who is interviewing someone," Fahrenkopf said on CNN's "Reliable Sources."

Updated 2 hours ago - Health

3 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

Utah, North Carolina and Wyoming set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Utah and Wyoming surpassed records set the previous week.

Why it matters: Record case highs have usually meant that more hospitalizations and other serious outcomes are on the way, CTP's latest weekly update notes.