The Nasdaq Composite jumped to a record high yesterday as investors rotated back into growth-oriented stocks. Investors are giving growth and tech stocks another chance as bond yields come down. The 10-year Treasury fell below 1.43%, a three-month low.
According to the Commerce Department Retail sales fell slightly last month, as consumers spent less on goods and more on activities like travel, an industry that had been hobbled by the pandemic. The 1.3 percent decline in retail spending in May follows months of ups and downs in consumer spending, driven by the persistence of the coronavirus that had kept many people away from airports and restaurants.
Come July 15, the IRS will start issuing payments to people eligible for the expanded child tax credit as part of the coronavirus relief package. Rather than wait until taxpayers file their 2021 tax returns, the agency will start sending monthly advance payments worth half of the total credit. Payments will come on the 15th of the month for six months. Then taxpayers can take the rest of the credit on their 2021 return. But there may be good reasons for some taxpayers to refuse to take the monthly tax experts said. If your eligibility changes over the course of the year because you earn more income, you will have to pay back any overpayments when you file your 2021 tax return.