Strong gusts of wind and bands of heavy rain hit the Jensen Beach Causeway Park in Jensen Beach, Florida on Tuesday. Photo: Adam DelGiudice/AFP/Getty Images
Hurricane Dorian is lashing Florida's northeast coast with tropical conditions, with dangerous winds and coastal flooding reported in the state as the deadly storm heads toward the U.S.
The big picture: Dorian was downgraded to a Category 2 storm on Tuesday, but the National Hurricane Center warns that it'll remain a powerful hurricane, and it's forecast to move near or over the Carolinas' coast Thursday through Friday morning. States of emergency have been declared in Florida, Georgia, South Carolina, North Carolina and Virginia. Mandatory evacuations had been taking place in the 5 states since the weekend, affecting millions of people, per ABC News
Editor's note: This is a developing news story. Please check back for updates.
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. Tubervillewill 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.
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 quarterfor 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.