Cnn business news 25 august 2019
Here are the top stories from CNN Business News on August 25, 2019:
Market News
- Dow Jones Industrial Average falls 800 points: The Dow Jones Industrial Average plummeted 800 points, or 2.9%, to close at 25,628.92, its biggest one-day point drop since June 2016. The S&P 500 fell 2.9% to 2,816.38, and the Nasdaq Composite dropped 3.2% to 7,713.57. The market sell-off was triggered by concerns over the global economy and trade tensions.
- US-China trade talks to resume: The US and China have agreed to resume trade talks in September, according to a statement from the White House. The talks will focus on resolving outstanding issues, including intellectual property and technology transfer.
Economy
- US GDP growth slows: The US economy grew at a slower pace than expected in the second quarter, with GDP expanding at an annual rate of 2.1%, according to the Bureau of Economic Analysis. The slowdown was attributed to a decline in consumer spending and a decrease in business investment.
- Jobless claims rise: The number of Americans filing for unemployment benefits rose by 4,000 to 221,000 in the week ending August 17, according to the Labor Department. The increase was attributed to a surge in claims in California and New York.
Tech
- Apple's iPhone sales disappoint: Apple's iPhone sales fell 12% in the second quarter, according to a report from research firm IDC. The decline was attributed to a decline in demand for the iPhone XR and a lack of new features in the latest iPhone models.
- Amazon's Alexa faces competition: Amazon's Alexa smart speaker faces increasing competition from rival devices from Google and Microsoft, according to a report from research firm eMarketer. The report found that Alexa's market share fell to 71.6% in the second quarter, down from 74.2% in the previous quarter.
Business
- WeWork's IPO delayed: WeWork's initial public offering has been delayed indefinitely, according to a report from The Wall Street Journal. The company's valuation has been a subject of controversy, with some investors questioning its financials and business model.
- Boeing's 737 Max faces new setback: Boeing's 737 Max jetliner has been grounded since March following two fatal crashes, and a new setback has emerged. The Federal Aviation Administration has ordered Boeing to conduct additional testing to ensure the plane's safety, according to a report from Reuters.
These are just some of the top stories from CNN Business News on August 25, 2019. If you'd like to know more about any of these stories or would like to see additional news, feel free to ask!