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Photo: Ben Stansall/AFP via Getty Images

Team USA's men's rugby sevens team was knocked out of the quarterfinals of the Olympics on Tuesday after falling 26-21 to Great Britain.

Why it matters: It's a stinging defeat for a USA team as a favorite to make a deep run in the tournament, buoyed by the comeback of two-time world rugby sevens player of the year Perry Baker.

  • Team USA dominated in the first half, but was unable to cling to a 21-0 lead as Great Britain fought back in the final seven minutes.
  • Great Britain will go on to play the New Zealand All Blacks, perennially one of the best teams in the world, in the semifinals.

Go deeper: Full Axios Olympics coverage

Go deeper

American Jennifer Valente wins final women's cycling gold of Tokyo Games

Team USA's Jennifer Valente with a U.S. flag after winning the women's track cycling omnium points race during the Tokyo Olympic Games at Izu Velodrome in Izu, Japan, on Sunday. It was cycling's final gold medal available. Photo: Peter Parks/AFP via Getty Images

Team USA's Jennifer Valente won the Olympic gold medal in the women's cycling omnium event on Sunday.

The big picture: Japan's Yumi Kajihara won silver and the Netherlands' Kirsten Wild took bronze. It was Valente's second Tokyo Games medal, after winning bronze Tuesday in the team pursuit.

Go deeper: Full Axios Olympics coverage

Stock buybacks boom as corporate cash piles grow

The Delta variant is keeping more companies cautious about how to invest the mountains of cash they have at their disposal. That hesitancy has led, in part, to corporate spending on stock buybacks outpacing capital expenditures this year. 

Why it matters: Companies hoarded cash and raised prices over the past year — leaving them with a lot of money and decisions about what to do with it.

2 hours ago - Health

Health policies at stake in Democrats' infrastructure bet

Illustration: Annelise Capossela/Axios

Democrats are at a pivotal moment in their quest to expand health care coverage, slash the cost of prescription drugs and create a social structure that prioritizes people's health.

Driving the news: Democrats have a clear list of health care priorities they'll be fighting for this week. Among them is a measure to expand Medicare to cover dental, vision and hearing benefits.