Blood and plasma samples used for the evaluation swabs for coronavirus research in Italy. Photo: Stefano Guidi/Getty Images

The Food and Drug Administration announced Tuesday new emergency protocols allowing allowing the plasma of those who've recovered from the novel coronavirus to treat patients who are critically ill with COVID-19.

Why it matters: The number of coronavirus infections in the U.S. had risen to almost 54,900 and the death toll to 783 by Tuesday night. Per the FDA, it is possible that this treatment, convalescent plasma, "contains antibodies to SARS-CoV-2 (the virus that causes COVID-19) might be effective against the infection."

The big picture: Doctors in China have treated coronavirus patients with convalescent plasma. The method was also used during the 1918 flu epidemic.

  • New York Gov. Andrew Cuomo (D) announced Monday trials for the convalescent plasma treatment in the state, which has become the COVID-19 epicenter, with at least 14,000 confirmed coronavirus cases in New York City alone.

What they're saying: Cuomo stressed that it's "only a trial."

  • "It's a trial for people who are in serious condition, but the New York State Department of Health has been working on this with some of New York's best health-care agencies, and we think it shows promise, and we're going to be starting that this week," he said.

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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 2 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.