Save The Children supporters celebrate International Day Of The Girl by ringing the closing bell of the New York Stock Exchange. Photo: Mike Coppola/Getty Images for Save The Children

"The U.S. stock market has been on the upswing for nine and a half years, during which a cohort of younger investors has never dealt with a 20 percent drop in the S&P 500 — the classic definition of a bear market," AP's Stan Choe writes.

Why it matters: "How they respond will be crucial because this generation bears a heavier responsibility for paying for their own retirement, as pensions go extinct and Social Security’s finances weaken."

  • "Such a decline has historically happened on average every four or five years."
  • "That’s nice for these 20- and 30-somethings, and their retirement accounts, but it raises the question: What will they do when the next downturn inevitably arrives?"

Go deeper: Bull market is now longest in history.

Go deeper

Updated 19 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 12,220,166 — Total deaths: 553,438 — Total recoveries — 6,696,632Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,111,902 — Total deaths: 133,195 — Total recoveries: 969,111 — Total tested: 38,032,966Map.
  3. Public health: More young people are spreading the virus Cases rise in 33 statesFlorida reports highest single-day death toll since pandemic began.
  4. Science: World Health Organization acknowledges airborne transmission of coronavirus.
  5. 1 🐂 thing: How the world could monitor for potential pandemic animal viruses.
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Inside Joe Biden's economic plan

Joe Biden on Thursday returned to his hometown of Scranton, Pennsylvania, to give his first major speech on economic policy since becoming the Democratic Party’s presumptive presidential nominee.

Axios Re:Cap digs into Biden's plans, how they developed and how they may change, with former U.S. Commerce secretary and campaign surrogate Penny Pritzker.

2 hours ago - World

Countries grapple with whether to lock back down as hotspots emerge

Tokyo in the time of coronavirus. Photo: Charly Triballeau/AFP via Getty

Many politicians and public health officials sounded a similar lockdown refrain in the spring: let’s do this right so we only have to do it once.

Reality check: While some countries have thus far managed to keep cases under control after opening up, dozens of countries that had initially turned a corner are now seeing a worrying rebound. They have to decide if and how to return to lockdown — and whether their populations will stand for it.