Cnn business news 28 july 2019

Here are the top stories from CNN Business News on July 28, 2019:

Market News

• Dow Jones Industrial Average falls 286 points: The Dow Jones Industrial Average fell 286 points, or 1.1%, to close at 26,859.83, as investors grew concerned about the US-China trade war and the impact on the global economy.
• S&P 500 and Nasdaq also decline: The S&P 500 fell 1.2% to 2,943.94, while the Nasdaq Composite dropped 1.5% to 8,004.91.
• US-China trade talks to resume: The US and China have agreed to resume trade talks in September, with the goal of reaching a deal to end the trade war.

Economy

• US GDP growth slows: The US economy grew at a slower pace than expected in the second quarter, with GDP increasing at a 2.1% annual rate, down from 3.1% in the first quarter.
• Jobless claims rise: The number of Americans filing for unemployment benefits rose by 1,000 to 209,000 last week, the Labor Department reported.
• US manufacturing sector contracts: The Institute for Supply Management (ISM) reported that the US manufacturing sector contracted in July for the first time in three years, as the PMI index fell to 51.2 from 51.7 in June.

Tech

• Apple's iPhone sales decline: Apple's iPhone sales declined 12% in the second quarter, as the company struggled to compete with lower-priced smartphones from rivals.
• Amazon's Alexa faces competition: Amazon's Alexa smart speaker faces increased competition from Google and other rivals, with Google's Assistant now available on more devices than Alexa.
• Facebook's Libra cryptocurrency faces scrutiny: Facebook's Libra cryptocurrency faces growing scrutiny from regulators and lawmakers, who are concerned about the potential risks and implications of the digital currency.

Other News

• Boeing's 737 Max faces new setback: Boeing's 737 Max jet faces a new setback, as the Federal Aviation Administration (FAA) announced that it will require additional testing and certification before the plane can return to service.
• Tesla's Autopilot system under investigation: The National Highway Traffic Safety Administration (NHTSA) is investigating Tesla's Autopilot system, which is a semi-autonomous driving feature that has been involved in several accidents.
• Goldman Sachs to pay $3.2 billion fine: Goldman Sachs has agreed to pay a $3.2 billion fine to settle charges that it misled investors about the quality of mortgage-backed securities it sold during the financial crisis.