Cnn business news 27 july 2019
Here are the top stories from CNN Business News on July 27, 2019:
Market News
- Dow Jones Industrial Average falls 286 points: The Dow Jones Industrial Average fell 286 points, or 1.1%, to close at 26,859.83, 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 2.1% annual rate in the second quarter, down from 3.1% in the first quarter, according to the Bureau of Economic Analysis.
- Jobless claims rise: The number of Americans filing for unemployment benefits rose by 8,000 to 215,000 in the week ending July 20, according to the Labor Department.
- 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, with a reading of 51.2, down from 51.7 in June.
Tech
- Apple's iPhone sales decline: Apple's iPhone sales declined 12% in the second quarter, according to a report from research firm IDC.
- Amazon's Alexa faces competition: Amazon's Alexa smart speaker faces increased competition from Google and other rivals, according to a report from research firm eMarketer.
- Facebook's Libra cryptocurrency faces scrutiny: Facebook's Libra cryptocurrency faces 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 before the plane can be recertified.
- Walmart to acquire Cornershop: Walmart has agreed to acquire Cornershop, a Chilean grocery delivery company, for $225 million.
- Starbucks to close 150 stores: Starbucks has announced plans to close 150 stores in the US and Canada, citing declining sales and increased competition.
These are just some of the top stories from CNN Business News on July 27, 2019. If you'd like to know more about any of these stories or would like to see additional news, feel free to ask!