Photos: Getty Images

Weekends in May are filled with commencement addresses from the country's entertainers, CEOs and politicians to the new class of college graduates. This season Oprah Winfrey, Jake Tapper, Michael Bloomberg and Tim Cook have made the rounds.

Sign of the times, from Tapper's address to graduates at UMass Amherst: "The very notion of empirical fact is being attacked and corroded. ... People decide about an article's validity based only on its headline or the language in the tweet linking to it. They judge books by their covers ... I urge you to read the story. I urge you to think for yourself. I urge you to click the link."

Michael Bloomberg's "Honor Code for Life," delivered at Rice University in Houston:

  • "Today ... many of those at the highest levels of power see the plain truth as a threat. They fear it, deny it, attack it — just as the communists once did."
  • "[T]here is now more tolerance for dishonesty in politics than I have seen in my lifetime. And I've been alive for one-third of the time the United States has existed."
  • "And as my generation can tell you: The only thing more dangerous than dishonest politicians with no respect for the law, is a chorus of enablers who defend their every lie."
  • "Extreme partisanship is like an infectious disease. But instead of crippling the body, it cripples the mind."
  • "Graduates: You're ready for this challenge. Because bringing the country back together starts with the first lesson you learned here: Honesty matters."

Go deeper: Advice to college graduates from Tim Cook and Oprah Winfrey

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 32 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.