Impact of coronavirus felt throughout the U.S.

Many retail companies in the U.S. have declared bankruptcy due to COVID-19. The pandemic has triggered economic turmoil and hardship for people and businesses.

According to S&P Global Market Intelligence, at least 43 retailers have filed for bankruptcy during the outbreak in the U.S.

One of America’s oldest department stores, Lord & Taylor, has filed for Chapter 11 bankruptcy. Tailored Brands, the parent company of Men’s Wearhouse and Jos. A. Bank, also filed for bankruptcy this past weekend.

J.C. Penney, the retailer founded more than a century ago, filed for Chapter 11 bankruptcy in mid-May. It temporarily has closed its 846 department stores and furloughed nearly all of its approximate 90,000 employees around the country.

Luxury department store, Neiman Marcus Group, the century-old American retailer, temporarily closed all of its 67 stores in March and in April furloughed more than 11,000 employees. It filed for Chapter 11 bankruptcy in May.

Neiman Marcus Group, the century-old American retailer, is one of the several traditional department stores that could be headed for trouble. /Reuters

Despite the fall of traditional brick and mortar retail companies, major stock market indexes in the U.S., such as the S&P 500 and the Dow Jones Industrial, have recovered their losses in 2020. The NASDAQ rose to an all-time high on Tuesday.

Much of the gains are due to the rise of the technology sector, namely, the FAANG stocks, which are made up of Facebook, Amazon, Apple, Netflix and Google.

These companies have benefited largely from the accelerated pace of work-from-home policies in recent months.

Investors continue to bet on tech companies with the expectation they will continue to thrive in this increasingly digitalized economy.

The combination of COVID-19 and anti-racism protests in the U.S. have increasing numbers of people concerned about their personal safety. Many gun buyers admit they're struggling with the fear of the coronavirus and anxiety over social unrest.

CNN reports FBI firearm background checks hit a record with more than 3.6 million in July. It marks the third highest month on record since the program began in November 1998. By comparison, The FBI performed just over 2 million background checks in July 2019.

“Firearm sales go up in times of uncertainty because Americans know their safety is ultimately in their own hands,” said National Rifle Association (NRA) spokesperson Amy Hunter, in a statement to CNN.