Illustration: Lazaro Gamio / Axios

Thanks to some rather unprecedented leaking from within Apple's walls, we already know a great deal about what Apple is set to show off today at its brand new headquarters.

Count on three new iPhones (incremental updates to the iPhone 7 and 7 Plus, along with a high-end model with edge-to-edge screen, facial recognition and wireless charging capabilities). In addition, Apple is expected to introduce a cellular-equipped Apple Watch and an updated version of the Apple TV set-top box. Oh yeah, and iOS 11 will arrive for devices new and old.What matters most: The new iPhone dwarfs the other products in importance, as it accounts for a huge chunk of Apple's sales and profits and is critical to the company's long-term future. This iPhone, in particular, is expected to push the company in new directions as it uses a new screen technology, a different form of biometrics for securing the device and purchases, and also serves as a gateway into augmented reality.Competitive pressure: The new iPhone is paramount for Apple to maintain its edge in the face of stiff competition: Samsung and LG just introduced new phones and Google is expected to do so soon.Here are three things I'll be watching for:What do all the 3D sensors on the high-end iPhone do in addition to face recognition? I'd expect that Face ID will be the signature use, but also imagine the sensors could pave the way for more. One leaked use is to create animated emoji that mirror someone's facial expression, and I imagine there will be a lot more to come. Price and availability: As we've reported, we expect the high-end model of the iPhone to be in especially short supply. Knowing this, Apple could price it even higher than expected to ensure enough business goes to the more incremental updates, which should be easier for Apple to ship sooner. There'll be a fair bit of complaining about a high price tag, but I suspect many of those complaining will be the same ones willing to stay up until midnight to pre-order the high-end model. There's more price flexibility for phones in the U.S. given the fact most people pay in monthly installments.Augmented reality: ARKit, Apple's toolkit to make augmented reality apps mainstream, has been the iOS 11 feature developers have been most excited about and I'd expect Apple to have a much more complete story around it. Developers have been hard at work building ARKit apps based on the capabilities in iOS 11. With its dual camera and additional sensors, the new phone may be capable of even more tricks than prior devices running the new software.Plus: There are a couple of Apple products promised for this year that won't be ready to launch Tuesday. Apple has said a professional version of the iMac and the HomePod speaker should launch by December. It will be interesting to see what, if anything, Apple has to say about either product.Parting thought: There's little doubt that today's product launch will inspire many people to open their wallets. Perhaps just as important is whether, a decade in, a new iPhone can still manage to stir people's passion.

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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.