*As of 10:20 a.m. ET

U.S. stocks rose as investors anticipated the passing of a new stimulus package. The Dow was up 1.5%, the S&P 500 rose 1.6%, and the Nasdaq was up 1.9%. The government previously allocated $6.2 trillion in stimulus funds, which included federal economic programs and individual stimulus checks. These packages caused personal incomes to increase by 10.5% in April 2020, the largest increase recorded in American history. 

The package proposed by Democrats:

• The total value is $2.2 trillion.
• Includes funding for small businesses, education, and childcare. 
• Stimulus checks worth $1,200 for those with a gross income under $75,000. An additional $500 for each dependent and $600 extra per week through the Federal Unemployment Benefit.
• States and cities will get $436b to cover their budget deficits. 
• Specific funding for airline workers, the U.S. Postal Service, election security, and other additional items are included.

However, reports suggest that Senate Republicans and the White House will find the $2.2 trillion price tag on the bill too high.

Amazon unveiled "Amazon One," a technology which allows users to pay using their palm. The technology will launch in two Amazon Go stores in Seattle and expand to other Amazon Stores soon. 

More:

• The biometric technology creates a palm signature based on surface area details such as lines and ridges. Amazon filed for a patent last year for the technology. 
• Amazon is planning to offer this service to third parties such as retailers, stadiums, and office buildings who will benefit from contactless entry and payment technologies, particularly during the pandemic.
• To register for Amazon One, users should have a credit card and mobile number – an Amazon account is not mandatory. The user accounts and biometric details can be deleted through an online portal. 
• After registering, customers can scan their palm and enter a store. Amazon will charge anything they take to the credit cards linked to their palm.

Tesla is looking to solidify its supply chain after announcing plans for a new car and battery. Hacking its supply chain and developing new technologies are two major strategies the company employs to lower costs. Last week, Elon Musk announced a new $25,000 car set to launch in three years. He explained, "A lot of people want to buy a Tesla, but they simply don't have enough money." 

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• Currently, the cheapest Tesla is the Model 3, which starts at $38,000 before EV incentives. 
• Piedmont Lithium signed a five-year deal to supply Tesla with high-purity lithium ore mineral. The company's stock rose by almost ~236% from $11 to $37 following the agreement Monday. 
• Tesla is attempting to purchase a 10% stake in LG Energy Solutions, a spinoff of LG Chem in South Korea.

Coresight Research reported that around 25,000 U.S. retail stores are likely to close permanently in 2020, up from 9,500 last year. According to S&P Global Market Intelligence, the number of retail bankruptcies in 2020 has already reached 46, surpassing last year’s 25. 

More:

• The number of bankruptcies filed in 2020 is the highest since 2010. In 2010, 48 bankruptcies were filed following the recession.
• Around 6,000 of the 9,500 store closures were due to bankruptcies. The rest were from solvent companies such as Gap and Macy's.
• As of August 2020, 4,779 commercial bankruptcies were filed, up 28% YoY. However, 40,085 non-commercial bankruptcies were filed in August, down 42% when compared to last year. 
• More bankruptcies are expected in Q4, as companies surviving because of rent deferrals might face rent burdens in the near future.

Bed Bath & Beyond announced Tuesday it would start offering same-day delivery to meet growing demand during the pandemic. Bed Bath & Beyond and its subsidiary buybuy BABY will be teaming up with Shipt and Instacart to make this feature available in 48 states.

More:

• There are currently 955 Bed Bath & Beyond and 155 buybuy BABY locations across the United States.
• Earlier this year, Bed Bath & Beyond introduced buy online, pickup in-store & contactless curbside pickup options to service customers who were hesitant to shop in-store due to the pandemic.
• Bed Bath & Beyond reported that its online sales increased by 82% for the quarter ending on May 30, with a greater than 100% increase in April and May.
• The company's share price is down almost 14% this year, and its market cap sits at $1.9b.
• Shipt's revenue increased by more than 350% YoY in Q2 as its order volume almost tripled. Target acquired Shipt in 2017 in a $550m deal.  
• To be eligible for same-day delivery, a customer must spend at least $39, and they will be charged a delivery fee of $4.99.

QUICK HITS

• Nikola Motor's ex-Chairman Trevor Milton has been formally accused of sexual abuse by two women. One of the complainants is his cousin Aubrey Smith, who made the accusation last week on Twitter.
• Lawyers for Apple and Epic Games delivered their arguments to a California judge Monday regarding Apple's ban of Epic's "Fortnite" from the App Store. A trial is expected to resolve the issue in July 2021.
• Disney+ launched GroupWatch, a co-watching feature that lets up to seven people to watch Disney+ shows/movies together. GroupWatch allows users to share emoji's but doesn't have a chat feature. 
• Google said it will enforce the use of Google's payment systems for in-app purchases starting in September 2021. The company added that only 3% of Play Store apps offer in-app purchases and only 3% of those apps don't use Google's billing systems. 
• Learn how to achieve powerful results from SMS—like 25x+ ROI—with 6 SMS marketing campaigns from leading brands.*

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