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Data: Wells Fargo Investment Institute; Chart: Andrew Witherspoon/Axios

Non-financial S&P 500 companies with the least cash are piling on the biggest loads of debt.

By the numbers: More than half of the S&P 500's total cash is held within just 25 companies — or the top 5% — while the bottom 95% of companies hold 73% of the index's debt, according to the Wells Fargo Investment Institute.

  • The most "cash-poor" S&P 500 companies collectively have a cash-to-debt ratio of 18% — the lowest since the financial crisis. In other words, there's 18 cents of cash for every dollar of these companies' total debt.
  • Alternatively, the cash-to-debt ratio at the top 25 cash-rich companies is 61%.

What to watch: Corporate debt-loads haven't hit financial crisis levels but analysts at Wells Fargo write, "leverage is rising, and debt burdens may become too large for some companies as this economic cycle extends."

Go deeper: Keep an eye on corporate debt

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What to expect from the final debate of the 2020 election

Trump and Biden at the first debate. Morry Gash-Pool/Getty Image

Watch for President Trump to address Joe Biden as “the big guy” or “the chairman” at tonight's debate as a way of dramatizing the Hunter Biden emails. Hunter's former business partner Tony Bobulinski is expected to be a Trump debate guest.

The big picture: Trump's advisers universally view the first debate as a catastrophe — evidenced by a sharp plunge in Trump’s public and (more convincingly for them) private polling immediately following the debate.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

FBI: Russian hacking group stole data after targeting local governments

FBI Headquarters. Photo: Mark Wilson/Getty Images

Energetic Bear, a Russian state-sponsored hacking group, has stolen data from two servers after targeting state and federal government networks in the U.S. since at least September, the FBI and Cybersecurity and Infrastructure Security Agency said on Thursday.

Driving the news: Director of National Intelligence John Ratcliffe announced Wednesday that Iran and Russia had obtained voter registration information that could be used to undermine confidence in the U.S. election system.