Dina Powell. Photo: JIM WATSON/AFP/Getty Images

Dina Powell is out of the running to replace Nikki Haley as U.S. ambassador to the United Nations, sources close to her tell Axios.

What we're hearing: Powell, a Goldman Sachs partner who was a high-profile aide in the first year of President Trump's administration, told him yesterday that she was honored to be considered but wanted to withdraw from consideration.

The big picture: Powell, who had been the favorite for the job, told friends the time wasn't right for her family or Goldman Sachs.

  • She joined the firm's management committee after returning from her stint last year in Trump's White House, where she was deputy national security adviser for strategy.
  • A source close to Powell said she and Trump remain close, and that she told him she would remain a strong supporter.
  • Her conversation with Trump was first reported by the Associated Press.

Powell's candidacy faced considerable internal opposition, although she was favored by Ivanka Trump and Jared Kushner, and was the first recommendation of Haley herself.

One name being floated for the job: Kay Bailey Hutchison, U.S. ambassador to NATO, and former U.S. senator from Texas.

  • The White House also reached out to Nancy Brinker, founder of the Susan G. Komen Foundation, to ask if she would consider the job, CNN reported.

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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 5 hours 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.