Cnn business news 7 june 2019

Here are the top stories from CNN Business News on June 7, 2019:

Market News

• Dow Jones Industrial Average falls 335 points: The Dow Jones Industrial Average fell 335 points, or 1.2%, to close at 25,648. The S&P 500 index also declined, falling 0.8% to 2,847. The Nasdaq composite dropped 0.9% to 7,816.
• US-China trade talks to resume: The US and China have agreed to resume trade talks, with a meeting scheduled for next week. The talks aim to resolve the ongoing trade dispute between the two countries.
• Oil prices rise: Oil prices rose after the US Energy Information Administration reported a larger-than-expected decline in crude oil inventories. Brent crude oil rose 1.4% to $62.15 per barrel, while West Texas Intermediate crude oil rose 1.3% to $56.15 per barrel.

Economy

• US GDP growth slows: The US economy grew at a slower pace in the first quarter, with GDP expanding at an annual rate of 3.1%. The slowdown was attributed to a decline in consumer spending and a decrease in business investment.
• US unemployment rate remains low: The US unemployment rate remained at 3.6% in May, the lowest level since December 1969. The labor market added 75,000 jobs in May, below expectations.
• FedEx to cut 10,000 jobs: FedEx announced plans to cut 10,000 jobs, or about 3% of its workforce, as part of a restructuring effort.

Tech

• Apple to launch new iPhone: Apple is expected to launch a new iPhone with a triple-camera setup and a faster processor. The new iPhone is expected to be priced higher than previous models.
• Amazon to launch new Echo device: Amazon is expected to launch a new Echo device with a built-in display. The new device is expected to be priced lower than previous Echo devices with displays.
• Google to launch new Pixel phone: Google is expected to launch a new Pixel phone with a triple-camera setup and a faster processor. The new phone is expected to be priced higher than previous Pixel phones.

Business

• Walmart to acquire Cornershop: Walmart has agreed to acquire Cornershop, a Chilean grocery delivery company, for $225 million. The acquisition is part of Walmart's efforts to expand its e-commerce capabilities.
• McDonald's to launch new menu items: McDonald's is launching new menu items, including a breakfast sandwich and a chicken sandwich. The new items are part of the company's efforts to attract more customers.
• Starbucks to launch new loyalty program: Starbucks is launching a new loyalty program, which will reward customers for every dollar they spend at the company's stores. The new program is expected to be more generous than the company's previous loyalty program.