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Illustration: Eniola Odetunde/Axios

This week is expected to be the busiest for U.S. IPOs since February, with Warner Music leading a group of four companies that could raise over $3 billion.

Why it matters: This shouldn't be happening, under any traditional rubric for how markets work.

What's happening: American passions over race and policing are inflamed, with many neighborhoods literally in flames.

  • Over 104,000 Americans are dead from the ongoing pandemic, with infection rates rising in several large states.
  • Tens of millions of Americans are unemployed.
  • And, just for good measure, China is threatening to renege on part of the phase one trade deal.

Yet, stocks opened flat, prompting Axios Markets editor Dion Rabouin to declare: "Not even God himself could sink this market rally."

  • And, again, there's no indication that bankers are reconsidering the week's IPO slate, which in addition to Warner Music includes Legend Biotech, Pliant Therapeutics, and ZoomInfo.
  • Economists often warn not to conflate stock market moves with real-time economic realities, but this decoupling feels extreme.

If you know what's coming next, or even have a strong sense of it, you're lying to yourself.

Go deeper

Aug 18, 2020 - World

Trade is now the relative bright spot in U.S.-China relations

Illustration: Eniola Odetunde/Axios

Trade is the last major area where the U.S. is still relying on traditional diplomacy to work through problems with China.

Why it matters: U.S.-China relations are at their lowest point in decades, as both sides have taken an increasingly harder line over Hong Kong, Xinjiang, the South China Sea and other issues. The desire to keep the trade deal alive seems to be keeping the relationship from unraveling entirely.

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.