Cnn business news 23 july 2019
Here are the top stories from CNN Business News on July 23, 2019:
Market News
- Dow Jones Industrial Average falls 286 points: The Dow Jones Industrial Average fell 286 points, or 1.1%, to 26,804.68, 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 2,941.76, 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 like Samsung.
- Amazon's Alexa faces competition: Amazon's Alexa smart speaker faces increased competition from Google Assistant and other rivals, according to a report from eMarketer.
- Facebook's Libra cryptocurrency faces scrutiny: Facebook's Libra cryptocurrency faces growing scrutiny from regulators and lawmakers, who are concerned about its potential impact on the financial system.
Business
- Boeing's 737 Max faces new setback: Boeing's 737 Max jet faces a new setback after the Federal Aviation Administration (FAA) announced that it would require additional testing and certification before the plane can return to service.
- Walmart to acquire Cornershop: Walmart has agreed to acquire Cornershop, a Chilean grocery delivery company, for $225 million.
- McDonald's to test plant-based burgers: McDonald's will test plant-based burgers in several cities in the US and Canada, as the company looks to appeal to customers who are increasingly interested in vegan and vegetarian options.
These are just some of the top stories from CNN Business News on July 23, 2019. Let me know if you'd like me to provide more information or if you have any specific questions!