00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Corporate profits are surging across the U.S. economy as strong consumer spending,
00:07AI investment, federal spending, and tariff refunds lift sales and earnings,
00:12according to the Wall Street Journal. S&P 500 earnings per share jumped 53%
00:17in the second quarter from a year earlier, while sales rose nearly 16%, according to LSEG.
00:24Companies including Target, Deere, J.M. Smucker, Abercrombie & Fitch, and Garmin
00:29have raised financial outlooks. Tariff refunds are providing a temporary boost,
00:34with Apollo Global Management estimating they could add about 0.2 percentage point
00:39to third quarter economic growth. Most tariff refunds boosted company profits rather than
00:45being passed on to shoppers through lower prices. Retailers including Dollar General,
00:50Best Buy, and Walmart also reported resilient spending, though executives said many consumers
00:55remain financially constrained and cautious. For all things money, visit Benzinga.com.
