Cnn business news 18 july 2019
Here are the top stories from CNN Business News on July 18, 2019:
Market News
- Dow Jones Industrial Average falls 286 points: The Dow Jones Industrial Average fell 286 points, or 1.1%, to 26,806.84, 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 2,939.85, 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, slightly higher than expected.
- 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 trade tensions and a global slowdown took a toll on the industry.
Tech
- Apple's stock falls: Apple's stock fell 2.5% after the company reported weaker-than-expected sales of its latest iPhones and a decline in revenue from its services segment.
- Amazon's stock rises: Amazon's stock rose 2.1% after the company reported strong earnings and revenue growth, driven by its cloud computing business and advertising sales.
- Facebook's stock falls: Facebook's stock fell 2.2% after the company reported slower-than-expected revenue growth and a decline in its user base in the second quarter.
Other News
- Boeing's 737 Max faces new setback: Boeing's 737 Max jetliner faced a new setback after the Federal Aviation Administration (FAA) said it would require additional testing and certification before the plane can be cleared to fly again.
- Tesla's stock falls: Tesla's stock fell 3.1% after the company reported a wider-than-expected loss in the second quarter and a decline in its vehicle deliveries.
- Gold prices rise: Gold prices rose 1.2% to $1,424.50 per ounce, as investors sought safe-haven assets amid growing concerns about the global economy and trade tensions.