It’s Tuesday, June 23 and the Nasdaq hits a record high, the Dow has jumped after overnight losses due to the China trade deal scare and Treasury yields inch slightly higher. With the July 15 tax deadline fast approaching, there are some top tax deductions you might be entitled to. We are also reading whether you can collect unemployment benefits if you quit or refuse a job and see that Starbucks is launching a plant-based breakfast sandwich. In addition, due to the coronavirus pandemic, the resale clothing industry is expected to boom to $64 billion in the next 5 years.
Stocks rose on Tuesday after White House trade advisor Peter Navarro clarified that the U.S.-China trade deal is not over. The Dow Jones Industrial Average gained 140 points, or 0.5%. The S&P 500 advanced 0.6% along with the Nasdaq Composite, which hit an intraday record. Market action seems to suggests that investors expect the economy to continue improving in the months ahead even though the country is likely to experience spotty or temporary spikes in the virus.
U.S. government debt prices were slightly lower on Tuesday morning as investors monitored the prospects of imminent economic recovery. The yield on the benchmark 10-year Treasury note was fractionally higher at 0.7053% and the yield on the 30-year bond was up slightly at 1.4662%. Risk markets received a brief scare overnight after White House trade advisor Peter Navarro told Fox News that the U.S.-China trade deal was “over,” but Navarro quickly walked back the comments, claiming to have been taken “wildly out of context” and calming investor sentiment.
A delayed tax filing date of July 15 is one of the silver linings of the coronavirus. This year’s unusual circumstances put extra emphasis on maximizing every deduction you can take.
Education-related deductions: Lifetime Learning Credit, American Opportunity Tax Credit (AOTC), Student Loan Interest Deduction
Family and care-related deductions: Child and Dependent Care Tax Credit, Child Tax Credit, Adoption Tax Credit
Other common tax credits & deductions: Earned Income Tax Credit, Medical and Health Expenses, Charitable Contributions
The ability to quit or refuse a job and continue getting unemployment benefits has been controversial in the era of the coronavirus pandemic. Generally, people can’t get unemployment aid if they voluntarily quit or refuse a work offer, experts say. However, they may be eligible if they can show there was “good cause” to refuse suitable work.
Starbucks launches the Impossible Foods Breakfast Sandwich as America’s appetite for plant-based meat grows
Impossible Foods is known for its plant-based meat alternatives, but it’s expanding its breadth of products, buoyed by a cultural movement, an unforeseen pandemic and — in true Silicon Valley fashion — science. On Tuesday it announced that its Impossible Breakfast Sandwich has been added to Starbucks’ menus and most of its locations in the U.S.
Despite the coronavirus pandemic upending much of the retail industry and putting a damper on apparel sales, the secondhand clothing market is expected to boom, according to one online resale marketplace. The secondhand apparel market is valued at about $28 billion today and is forecast to reach $64 billion within five years, ThredUp said in its annual report.
Mastercard today announced it has entered into an agreement to acquire Finicity, a leading North American provider of real-time access to financial data and insights. The purchase price is US$825 million, and Finicity’s existing shareholders have the potential for an earn-out of up to an additional $160 million, if performance targets are met.
Sales of new homes rose a surprisingly strong 16.6% in May with the reopening of major parts of the country potentially fueling activity in the housing market. The Commerce Department reported Tuesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 676,000 last month. That was a much better performance than expected. Many economists had forecast that sales would fall in May.