Morning Business Report: Traditional retail chains do buy now, pay later

Morning Business Report
March 1, 2021

• Traditional retail chains making room for a buy now, pay later type of customer

• FDA approves J&J’s Covid-19 vaccine for emergency use

• Dow swung wildly Friday to close near its session low

• IRS received nearly 35 million individual tax returns in February

Traditional retail chains like Macy’s, Neiman Marcus, and Gap are making room for a new type of customer: buy now, pay later.

The Wall Street Journal says it’s a modern take on old-fashioned layaway plans, allowing shoppers to pay for purchases over time.

The move is to attract younger shoppers, who are less likely to use credit cards. 

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Over the weekend, the FDA has approved J&J’s Covid-19 vaccine for emergency use, giving the U.S. a third tool to fight the pandemic.

The federal government plans to distribute nearly 4 million doses of J&J’s vaccine to states, pharmacies, and community health centers across the nation this week.

The company expects to deliver 20 million doses by the end of March.

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The Dow swung wildly Friday to close near its session low as Wall Street struggled to shake off fears of rapidly rising rates.

Rising interest rates are a worry because it could slow down spending and therefore the economy. 

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In just one week since the tax filing period opened on Feb. 12, the IRS received nearly 35 million individual tax returns, according to the agency. 

People may be racing to file in the hopes that they’ll soon get a refund, especially those who were financially setback by the pandemic last year.

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Natera is a biotech company that made its name in maternal-fetal medicine. 

Now CEO Steve Chapman says the same technology used to detect genetic abnormalities in early pregnancy could be used to detect recurrence of cancer with a simple blood test. 

Chapman says because of the non-invasive nature of these tests they will be able to be performed at home.