Bank stocks reached highs not seen in close to 10 years on Tuesday, as investors piled into a financial services sector set to benefit from continued deregulation and rising corporate profits.

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Data: S&P Dow Jones Indices; Chart: Lazaro Gamio / Axios

The latest deregulatory push coming from Washington is an attempt to loosen Volcker Rule regulations, which are meant to bar banks from using taxpayer-insured funds to make speculative bets. In practice, it has been difficult to distinguish between that behavior and client-focused activities, like acting as a middleman between buyers and sellers of stock, and banks say complying with rule is expensive.

Why it matters: The financial services sector is an indicator for investor sentiment towards the economy more broadly, but it's also evidence of the bank-friendly climate in Washington, a trend voters may want to put a stop to in 2018 and 2020.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 21,239,182 — Total deaths: 766,414— Total recoveries: 13,265,843Map.
  2. U.S.: Total confirmed cases as of 8 a.m ET: 5,314,021 — Total deaths: 168,458 — Total recoveries: 1,796,326 — Total tests: 65,676,624Map.
  3. Health: The coronavirus-connected heart ailment that could lead to sudden death in athletes.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Kamala Harris and the political rise of America's Indian community

Vice presidential hopeful Sen. Kamala Harris (D-Calif.) Photo: Drew Angerer/Getty Images

When Democrats next week formally nominate the daughter of an Indian immigrant to be vice president, it'll be perhaps the biggest leap yet in the Indian American community's rapid ascent into a powerful political force.

Why it matters: Indian Americans are one of the fastest-growing, wealthiest and most educated demographic groups in the U.S. Politicians work harder every year to woo them. And in Kamala Harris, they'll be represented in a major-party presidential campaign for the first time.

2 hours ago - Health

The cardiac threat coronavirus poses to athletes

Illustration: Annelise Capossela/Axios

Cardiologists are increasingly concerned that coronavirus infections could cause heart complications that lead to sudden cardiac death in athletes.

Why it matters: Even if just a tiny percentage of COVID-19 cases lead to major cardiac conditions, the sheer scope of the pandemic raises the risk for those who regularly conduct the toughest physical activity — including amateurs who might be less aware of the danger.