•The Federal Reserve lowered interest rates in an effort to prolong economic expansion moving forward. Its target for the federal funds rate was lowered by a quarter percentage point, now falling in a range of 1.75percent to 2.0 percent. This marked the second rate drop of 2019 so far.
•American commercial real estate and shared workspace provider WeWork announced it has withdrawn its highly anticipated S-1 filing for its IPO. Since the release of its S-1 filing, the company has been criticized for being overvalued and has seen co-founder and former CEO Adam Neumann step down.
•Transportation service company Uber has laid off 435 employees from its product and engineering teams,following its dismissal of 400 marketing employees in July. Since its IPO in May, Uber has lost more than20 percent of its value, though shares were trading up four percent following the news.
•Teenage clothing retailer Forever 21 announced it has filed for bankruptcy. The chain, which currently operates 800 stores, said it will be closing between 300 and 500 locations to help cut costs. These closings will add to the running total of the more than 8,200 U.S. retail store locations closed in 2019.