Business News – 5-27-2021

K Buenavista — Fri, 28 May 2021 17:04:51 +0000

$291M has been spent with the newest round of Federal Stimulus checks

The government has issued a new batch of $1,400 stimulus checks, bringing the total number of payments to almost 167 million, or about $391 billion
This tranche included more than 1.8 million payments worth more than $3.5 billion
Most of the payments were prompted by tax returns recently processed by the IRS

Best Buy reports that their sales have grown 36% in the first quarter of this year as shoppers’ stimulus-fueled spending spree included consumer electronics
The retailer has raised its forecast for the year after seeing demand continue into the second quarter
CEO Corie Barry said the strong housing market has inspired consumers to invest in technology and appliances

Gap and Walmart will launch a new brand, Gap Home, with bedding, bath, and décor
The initial collection will debut on Walmart’s website June 24 and eventually be available in the discounter’s stores
With the multiyear deal, Walmart aims to drive more online sales and Gap wants to strengthen its brand among shoppers

Ford CEO Jim Farley largely met Wall Street’s expectations during his first investor day leading the automaker
But Ford didn’t deliver on everything investors were hoping to have answered during the event
Shares of Ford have roughly doubled under Farley’s leadership, including an 8.5% increase on Wednesday

President Joe Biden will propose $5 trillion in new federal spending over the next decade on Friday as part of his fiscal year 2022 budget request
The new spending would fund Biden’s sweeping domestic agenda: Expanding the social safety net for working families and modernizing America’s infrastructure
It would be paid for in part by $3.6 trillion in additional revenues over the same period and would result in a net deficit of $1.4 trillion
Biden’s budget also projects that inflation will reach no more than 2.3% annually over the next 10 years