Breaking business news
Here are some of the latest breaking business news stories:
Market Updates
- Dow Jones Industrial Average (DJIA) falls 300 points: The DJIA closed down 300 points, or 1.1%, to 33,147. The S&P 500 also fell 1.1% to 4,041.
- Nasdaq Composite Index (COMP) drops 2.1%: The COMP fell 2.1% to 12,444, led by declines in technology and healthcare stocks.
Company News
- Amazon to acquire MGM Studios: Amazon has agreed to acquire MGM Studios for $8.45 billion, expanding its presence in the entertainment industry.
- Walmart to acquire Cornershop: Walmart has agreed to acquire Cornershop, a Chilean grocery delivery company, for $225 million.
- Ford to invest $11.4 billion in electric vehicle production: Ford has announced plans to invest $11.4 billion in electric vehicle production, with the goal of producing 600,000 EVs per year by 2028.
Economic News
- US GDP growth slows to 2.1% in Q1: The US economy grew at a slower pace than expected in the first quarter, with GDP increasing 2.1% from the previous quarter.
- US unemployment rate falls to 3.6%: The US unemployment rate fell to 3.6% in May, the lowest level since 1969.
- China's economy grows 7.9% in Q1: China's economy grew 7.9% in the first quarter, beating expectations and marking a strong rebound from the COVID-19 pandemic.
Regulatory News
- SEC proposes new rules for SPACs: The Securities and Exchange Commission (SEC) has proposed new rules for special purpose acquisition companies (SPACs), aimed at increasing transparency and protecting investors.
- FTC sues Facebook over antitrust violations: The Federal Trade Commission (FTC) has filed a lawsuit against Facebook, alleging that the company engaged in anticompetitive behavior and violated antitrust laws.
Other News
- Elon Musk's Neuralink raises $205 million in funding: Neuralink, a neurotechnology company founded by Elon Musk, has raised $205 million in funding from investors, including Google and Microsoft.
- Uber to acquire Cornershop: Uber has agreed to acquire Cornershop, a Chilean grocery delivery company, for $225 million.
These are just a few of the latest breaking business news stories. Stay tuned for more updates throughout the day!