Illustration: Lazaro Gamio/Axios

One oddness about the current market is that the meltdown in secondary markets seems to have had very little adverse effect on primary markets.

My thought bubble: Normally a market swoon of this magnitude would slam the window shut on primary deals. But all those buybacks and dividends need to get reinvested somewhere, ideally in an asset class that isn't plunging in value on a daily basis.

  • As public-equity stock valuations were tumbling this week, Altria happily wrote a $12.8 billion check to buy 35% of Juul.
  • SpaceX, meanwhile, raised $500 million at an eye-popping $30.5 billion valuation. The new round values SpaceX at a 10% premium to how much it was worth in April; there aren't many public companies that can make a similar claim.
  • Uber, Lyft, Slack, and Pinterest are all planning to raise large sums in the IPO market in early 2019; don't be surprised to see them joined by Airbnb and Palantir.

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2 hours ago - World

U.S. policy shift will allow taxpayer funding for projects in West Bank settlements

Friedman (L) with Netanyahu. Photo: Menahem Kahana/AFP via Getty Images

The U.S. and Israel will announce tomorrow that they are expanding three agreements on scientific cooperation to include Israeli settlements in the West Bank, Israeli and U.S. officials tell me.

Why it matters: This is a substantial policy shift for the U.S., which did not previously allow its taxpayers' money to be spent in the Israeli settlements.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Obama: Trump is "jealous of COVID's media coverage" Axios-Ipsos poll: Federal response has only gotten worse.
  2. Health: Hospitals face a crush — 13 states set single-day case records last week.
  3. Business: Winter threat spurs new surge of startup activity.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota cases traced to three Trump campaign events.
  6. World: Putin mandates face masks.

McConnell: Confirming Amy Coney Barrett will help GOP retain Senate

Photo: Samuel Corum/Getty Images

Senate Majority Leader Mitch McConnell (R-Ky.) expressed no regrets about Judge Amy Coney Barrett's controversial confirmation, telling Politico in an interview that he believes the decision to place her on the Supreme Court just a week before the election will help Republicans retain the Senate.

Why it matters: With a week to go until Election Day, many Republicans are concerned that President Trump's unpopularity could cost them the Senate. McConnell has long viewed the transformation of the federal judiciary through the confirmation of young conservative judges as his defining legacy.