Finance

If you don’t get more stimulus checks this summer from Uncle Sam, here’s how the stock market may react

With cities across major states such as California, Florida and Texas returning to some form of lockdown due to spiking COVID-19 cases after brief full re-openings, it’s becoming clear the U.S. economy will likely need a fresh jolt of stimulus from lawmakers.

If that stimulus isn’t received this summer the stock market — which has been blindly rallying despite growing risks of a renewed dive in economic activity because of COVID-19 —could easily fall off a cliff.

“It will be a hit, no question,” warned Belpointe Asset Management chief strategist David Nelson on Yahoo Finance’s The First Trade of the risk to stocks if more stimulus isn’t enacted. Other pros Yahoo Finance has chatted up estimate the stock market could plunge nearly 20% if lawmakers don’t enact additional stimulus.

Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, individuals were eligible for up to $1,200 (depending on income level)

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Turkey determined to control social media platforms, Erdogan says

ISTANBUL (Reuters) – Turkey will introduce regulations to control social media platforms or shut them down, President Tayyip Erdogan announced on Wednesday, pressing ahead with government plans after he said his family was insulted online.

Finance Minister Berat Albayrak, Erdogan’s son-in-law, said on Twitter on Tuesday that his fourth child had been born. Following the tweet, some users insulted Albayrak’s wife Esra.

Users of 11 out of 19 accounts determined to have shared content that insulted Albayrak and his family were detained, Turkish police headquarters said in a statement on Wednesday.

Speaking to members of his AK Party, Erdogan repeated that his party would introduce new regulations to control the use of social media, adding that an increase of “immoral acts” on the platforms in recent years was due to a lack of regulations.

“These platforms do not suit this nation. We want to shut down, control (them) by bringing

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Constellation Brands buys direct-to-consumer Empathy Wines

It’s time for Constellation Brands to toast the completion of its latest acquisition, one made with the future of alcohol consumption in mind.

The maker of Corona beer and Robert Mondavi wine said Wednesday it will purchase direct-to-consumer wine brand Empathy Wines. Terms of the transaction weren’t disclosed. Empathy Wines was founded in 2019 by well-known entrepreneur, wine expert and media personality Gary Vaynerchuk. The deal comes on the heels of Constellation Brands (STZ) selling its lower priced wine portfolio to E.J. Gallo for $1.1 billion. It will instead focus its efforts on higher-end wines such as Robert Mondavi and now, Empathy Wines.

The Empathy brand hawks $20 bottles, sustainably raised wine delivered directly to subscribers. Vaynerchuk — who has extensive marketing experience and is the CEO of VaynerMedia – has used his 10 million plus follower presence on Twitter and Instagram to help drive interest and sales for Empathy

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Florida Has 4th Worst Unemployment Recovery In Country

ACROSS FLORIDA — As recent outbreaks of the coronavirus in states like Florida, Texas and Arizona cause a new wave of shutdowns, MoveOn.org is calling on Congress to extend coronavirus emergency unemployment funding through the end of the year.

The petition has been signed by more than one million people so far.

Without an extension, unemployment benefits are set to expire on July 31.

“Many people who are laid off due to COVID-19 won’t find work for a very long time, maybe never because some jobs lost today won’t be coming back,” reads the petition. “People will need time and resources to learn and develop a new skill. By ending the $600 per week additional unemployment assistance too soon, we will certainly be dooming people to tragic futures. This will have far-reaching ramifications. We need to look out for each other during these unprecedented times. Please let’s help each other

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Meet Thrilling, An Online Marketplace That Supports Small Vintage Stores

When the pandemic hit, Thrilling, an online marketplace that offers vintage and secondhand clothing from small businesses around the country, cut its commissions for the first two months. After brick-and-mortar businesses were forced to close their doors, and thus lose their main source of income, founder and CEO Shilla Kim-Parker knew that those owners needed every dollar they could make. Thrilling then released custom-printed vintage T-shirts to raise money for the 100+ stores it carries (you can still purchase them or donate to stores here). When protests started around the country, following the murder of George Floyd at the hands of the police, Thrilling curated a collection of clothing from Black-owned vintage stores — although, as a Black woman, Kim-Parker had amplified these businesses since the start of Thrilling, giving them the exposure they desperately need in a fashion industry that still prioritizes whiteness.

Kim-Parker, whose prior careers were in

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Julien Farel’s $1,000 haircut returns with a 1,200-plus wait list

Following New York City’s phase 2 planned reopening, a number of businesses — from beauty salons to in-store retailers — were able to reopen their doors to their clients.

Famous for his $1,000 dollar hair cuts, Julien Farel, Chairman of the Julien Farel Restore Salon Group, reopened his salon and was met with a 1,200-plus wait list on his opening day. It’s something he characterized as “crazy.”

While the business has been closed to the public, Julien and his team kept busy since the business closed doors on Saturday, March 21st. His team began working on changing the business the next Monday, March 23rd.

“We had work on how are we going to regrow,” Farel told Yahoo Finance’s The Final Round.

Farel said he held weekly calls with his executive team and his staff as they pivoted to focusing on growing their online product sales and presence on social media.

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LVMH expects pandemic to dampen sales for some time yet

PARIS (Reuters) – The fallout from the coronavirus crisis will weigh on LVMH’s earnings for some time yet, though there were some signs of recovery this month, executives at the world’s biggest luxury goods group said on Tuesday.

Second quarter earnings at the owner of Louis Vuitton and other brands will be hit particularly in Europe and the United States, Chairman Bernard Arnault told a shareholder meeting, conducted online.

“We can only hope at this point for a gradual recovery,” Arnault told investors, adding that the second half of the year looked better. He flagged some “quite vigorous” signs of recovery in June, as virus lockdowns lifted in much of Europe, including in Milan and Paris, two major shopping hubs.

Luxury labels are still suffering from a lack of tourist travel even though consumption is picking up again on a local level as stores reopen, including in China.

Finance chief

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To His Own Surprise, Crypto Volume Pumper’s Business Is Still Thriving

Eleven months ago, Alexey Andryunin was sure his business was not long for this world. 

A 22-year-old math student from Moscow, Andryunin built a business inflating trade volumes in little-known crypto tokens issued during the 2017 initial coin offering (ICO) craze. In a head-turning interview CoinDesk published last July, Andryunin candidly described the underworld of micro-cap tokens and exchanges surviving on artificial volumes ginned up by paid “market makers” (a traditional finance term used loosely in this context.)

At the time, Andryunin thought his business was heading to a decline: ICOs were moribund, the token market was shrinking and a new wave of regulatory attention was about to scour the shadier corners of the crypto space. 

Related: Market Wrap: Bitcoin Traders Expect Big Move as Volatility Plummets

He now says he was mistaken. Business is growing again as token promoters pay him to pump their projects so they’ll be accepted

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Why Jeff Bezos is pouring billions into tackling climate change

Jeff Bezos - AP
Jeff Bezos – AP

Jeff Bezos wants you to know that Amazon is serious about tackling climate change. In the space of four days last week, his company launched a $2bn venture capital fund to invest in technologies that tackle carbon emissions, bought an electric self-driving car firm and revealed that it would rename a Seattle hockey stadium to the “Climate Pledge Arena”.

“Instead of calling it Amazon Arena, we’re naming it Climate Pledge Arena as a regular reminder of the urgent need for climate action,” the billionaire founder wrote in an Instagram post captioning a rendering of the stadium’s future logo. 

In February, he announced a $10bn pledge in his own name to finance scientists and charities on the frontline of global warming, building on an order of 100,000 electric vehicles last year from car manufacturer Rivian and a 2040 target to have net zero emissions.

The moves are

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Best Buy and Sell Apps for Used Stuff

Turn unwanted items into cash and buy used.

When you’re living paycheck to paycheck, you are likely feeling burned out and stressed out. And no matter how much you cut back on certain expenses and purchases, it may not be enough to break the cycle. Sometimes you just need that extra boost to get ahead.

Although taking on a second job or side hustle may seem like the only way to make some extra money, don’t overlook the opportunity to turn unwanted items into cash. Whether it’s an old gadget, unworn clothing or a closet full of toys collecting dust, spending time selling the items you no longer need or use can help you earn that much-needed money. To get you started, here are 13 free apps and sites that make selling and buying items in person or online a cinch.

letgo

Whether you want to sell an old smartphone,

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