Cnn busines news 29 july 2019
Here are the top business news stories from CNN Business on July 29, 2019:
Market News
- Dow Jones Industrial Average falls 286 points: The Dow Jones Industrial Average fell 286 points, or 1.1%, to 26,859.83, as investors grew concerned about the impact of the US-China trade war on the global economy.
- S&P 500 and Nasdaq also decline: The S&P 500 fell 1.2% to 3,018.71, while the Nasdaq Composite dropped 1.5% to 8,244.67.
Economy
- US GDP growth slows to 2.1% in Q2: The US economy grew at a slower pace in the second quarter, with GDP increasing at a 2.1% annual rate, according to the Bureau of Economic Analysis.
- US-China trade tensions escalate: The US and China imposed new tariffs on each other's goods, escalating the trade war between the world's two largest economies.
Tech
- Apple's stock falls after earnings miss: Apple's stock fell 4.2% after the company reported earnings that missed expectations, citing weaker-than-expected iPhone sales.
- Amazon's Alexa faces new competition: Amazon's Alexa smart speaker faces new competition from Google and Microsoft, which are launching their own voice assistants.
Finance
- Goldman Sachs to pay $3.2 billion to settle 1MDB scandal: Goldman Sachs agreed to pay $3.2 billion to settle allegations that it helped embezzle billions of dollars from Malaysia's 1MDB state investment fund.
- JPMorgan Chase to pay $1.2 billion to settle mortgage-backed securities case: JPMorgan Chase agreed to pay $1.2 billion to settle allegations that it misled investors about the quality of mortgage-backed securities.
Other News
- Boeing's 737 Max faces new software issue: Boeing's 737 Max jet faces a new software issue that could further delay its return to service, according to reports.
- Walmart to acquire Cornershop: Walmart agreed to acquire Cornershop, a Chilean grocery delivery company, for $225 million.
These are just some of the top business news stories from CNN Business on July 29, 2019. Let me know if you'd like me to provide more information or context on any of these stories!