Cnn business news 31 july 2019

Here are the top stories from CNN Business News on July 31, 2019:

Market News

• Dow Jones Industrial Average closes above 27,000 for the first time: The Dow Jones Industrial Average closed above 27,000 for the first time, driven by strong earnings reports from companies like Apple and Microsoft. The S&P 500 also hit a record high.
• US stocks rise as investors await Fed decision: US stocks rose on Wednesday as investors awaited the Federal Reserve's decision on interest rates. The Fed is expected to cut rates for the first time in over a decade.

Economy

• US economy grows at 2.1% annual rate in Q2: The US economy grew at a 2.1% annual rate in the second quarter, according to the Bureau of Economic Analysis. This is down from a 3.1% growth rate in the first quarter.
• US trade deficit narrows in June: The US trade deficit narrowed in June as exports rose and imports fell. The deficit fell to $50.8 billion, down from $55.5 billion in May.

Tech

• Apple's services segment drives profit growth: Apple's services segment, which includes the App Store, Apple Music, and Apple TV+, drove profit growth for the company in the second quarter. The company's revenue rose 1% to $53.8 billion.
• Microsoft's cloud business drives profit growth: Microsoft's cloud business, which includes its Azure and Office 365 products, drove profit growth for the company in the second quarter. The company's revenue rose 12% to $33.7 billion.

Business

• Amazon to acquire Eero for $97 million: Amazon is acquiring Eero, a company that makes Wi-Fi routers, for $97 million. The acquisition is expected to help Amazon improve its home internet offerings.
• Walmart to acquire Cornershop for $225 million: Walmart is acquiring Cornershop, a Chilean grocery delivery company, for $225 million. The acquisition is expected to help Walmart expand its online grocery delivery services.

International

• UK economy contracts for first time since 2012: The UK economy contracted for the first time since 2012, according to data from the Office for National Statistics. The contraction was driven by a decline in manufacturing and construction output.
• China's economy grows at slowest pace in 27 years: China's economy grew at its slowest pace in 27 years in the second quarter, according to data from the National Bureau of Statistics. The economy grew 6.2% in the second quarter, down from 6.4% in the first quarter.