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Target, Lowe's post blowout Q2 reports, Biden accepts Dem. presidential nominee, Trump campaign sues New Jersey

Yahoo Finance's Alexis Christoforous shares what's making headlines Wednesday morning.

Video Transcript

ALEXIS CHRISTOFOROUS: Here are the headlines making "The First Trade" front page.

[MUSIC PLAYING]

Retail earnings continue to roll out, as we've been talking about all morning long. Both Target and Lowe's crushing it. Target's second quarter profits jumped 80%, fueled by e-commerce sales. Curbside pickup, get this. Up 700% during this pandemic. And home projects during the quarantine fueled Lowe's bottom line. Its second quarter revenue up 30%. Company saw a huge spike in online sales, a jump of 135% in the quarter.

Joe Biden is now officially the presidential nominee for the democratic party, after formally receiving all the delegates needed at last night's virtual convention to run against President Trump come November. Former President Barack Obama will close out day three of the convention tonight, and Senator Kamala Harris will accept the party's nomination for vice president, making her the first black woman and first person of Indian descent to be nominated for national office by a major political party.

And President Trump's re-election campaign is suing New Jersey for its decision to mail a ballot to every voter in the state for November's elections, as well as hold in-person voting amid the pandemic. The suit claims the move is illegal and accuses democratic Governor Phil Murphy of a quote, "brazen power grab."