Gene J. Puskar / AP

As more and more consumers are moving their shopping online and away from brick and mortar stores, malls are near-ready to buckle under the pressure — and investing firms are betting against real estate loans backed by malls in order to profit from their impending failure, according to Bloomberg.

The magnitude: Not as big as the subprime mortgage loans that spurred on the 2008 financial crisis, but there are still $985 million in contracts on the two riskiest kinds of mortgage-backed securities. (Bloomberg's headline on the matter paints a gloomy picture: "Wall Street Has Found Its Next Big Short in U.S. Credit Market," but it's not quite that bad.)

What to watch: And any massive set of store closures from J.C. Penney, Sears, or Macy's would ripple across all the malls, tanking the mortgage-backed securities and spelling out a win for the investors betting against them.

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Louisiana braces for 3rd hurricane in 2 months as Zeta closes in

The probable path of Zeta, per the National Hurricane Center. Photo: NHC/NOAA

Zeta has strengthened into a hurricane again is on track to make landfall in southeastern Louisiana on Wednesday afternoon, per the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Federal Declaration of Emergency in a letter to President Trump on Tuesday, ahead of the storm's expected arrival south of New Orleans.

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Unrest in Philadelphia after fatal police shooting of Black man

Demonstrators rally on Tuesday near the location where Walter Wallace was killed by two police officers in Philadelphia, Pennsylvania. Photo: Mark Makela/Getty Images

The Pennsylvania National Guard was mobilized Tuesday during a tense second night of protests in Philadelphia over the fatal police shooting of Walter Wallace, a 27-year-old Black man.

Driving the news: Philadelphia Mayor Jim Kenney (D) and Police Commissioner Danielle Outlaw said in a joint statement Monday that police were launching a "full investigation" to answer questions that arose from video that captured part of the incident with police.

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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.