Business Insider reports that banks' and tech giants' earnings largely impressed Wall Street. Bank of America says discount stores are set to post similarly positive results, according to Bank of America. BoA analysts expect the sector's second-quarter figures to hold strong thanks to rising food sales and improvement in general merchandise revenue. Thanks to momentum in higher-profit categories and successful online operations Walmart, Target, and Dollar Tree are in good positions.
On Wednesday, Joe Biden's campaign announced it planned $280 million in ad buys, with 20% going to digital. This is in line with our pre-pandemic predictions that digital political ad spend would skyrocket this cycle. Biden's campaign plans to purchase $280 million in ads across 15 states this fall. Business Insider reports that this is, by far, the largest ad spend by any political candidate.
Amazon CEO Jeff Bezos sold more than $3.1 billion worth of his company's stock between Monday and Tuesday. Business Insider reports the two-day selling spree surpassed the $2.8 billion worth of Amazon shares he sold through all of 2019. Bezos' latest sales also bring his 2020 total windfall to roughly $7.2 billion. Bezos still holds about 54 million shares, worth about $173 billion as of Wednesday's close.
Business Insider reports the US economy could see a sharp drop in consumer spending in the coming months. That's because personal income for millions of Americans is about to take a serious hit. Enhanced unemployment benefits that gave millions of consumers an additional $600 weekly lapsed at the end of July. What's more, the US government appears far from passing a new stimulus package that would give consumers more funds.
On this day in 1956, the Queen and Duke of Edinburgh arrived in Stockholm for their first State Visit to Sweden. Report by Dessentjacksonl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn