The economy grew more than expected in the second quarter. GDP expanded 4% last quarter, more than the 3.1% growth analysts were expecting. It also reversed the 2.1% decline in the first quarter. Consumer spending, larger stock dividends and construction spending helped drive growth.
The ADP private employment report said that 218,000 jobs were added in July. That was below the economists’ estimates. It was less than the 281,000 private-sector jobs created in June. The figure comes ahead of the Labor Department’s job report which will be released Friday.
Investors will be looking for the Federal Reserve’s policy announcement, which is expected this afternoon at 2 p.m. Eastern.
General Motors (GM) faces a new lawsuit by 658 people who claim they were injured, or are related to someone who was killed in an accident, allegedly due to defective ignition switches. The lawsuit covers claims that are not eligible for payments under the program set up by GM to compensate victims of crashes related to the faulty switches.
Shares of Twitter (TWTR) soared after reporting better-than-expected earnings and user data. Revenue also topped estimates, which was up 124% over last year. Engagement was up as well, helped in part by the World Cup. Twitter's monthly active users grew by 24% to 271 million compared to the same quarter last year. Timeline views also increased 15% over last year.
The National Labor Relations Board ruled that McDonald's (MCD) is a "joint employer" along with its franchises, and could be held liable in lawsuits filed by employees. The suits allege unfair labor practices, including forcing employees to work off-the-clock and not paying overtime. The ruling has also led some to think it might pave the way for fast-food workers to unionize. We want to know what you think. Should fast-food employees be able to unionize? Vote in our poll, or leave a comment below or on Twitter.
CORRECTION: An earlier version of this story said that most of McDonald's U.S. franchises are owned by the company. Most of the U.S. franchises are owned by franchisees.