U.S. stocks had a dismal day of trading Thursday after the U.S. reported a more than 30% drop in gross domestic product output in the second quarter on an annualized basis.
The Nasdaq was able to recover from its earlier dip to rise 0.3% in the afternoon session, while the S&P 500 and Dow both shaved earlier losses, but still declined 0.5% and 1%, respectively.
Here are some of the market stories you may have missed.
TikTok Announces $3 Billion Creator Fund
TikTok fired the next shot in the social media wars, announcing that it will pay content creators $3 billion over the next three years in order to post content on the Chinese-owned platform.
U.S. content creators can apply for access to a $1 billion fund, with global creators having access to more than double that amount.
In Europe, content creators will get $70 million over the next year and at least $300 million within the next three years.
Impossible Foods Partners With Walmart
Impossible Foods said that its flagship plant-based burgers will be sold at more than 2,100 Walmart (WMT) - Get Report stores in the U.S. as the company expands its presence in grocery stores across the country.
Impossible already has distribution deals with grocer Kroger (KR) - Get Report, as well as Safeway, Albertsons and others. The company says its 12-ounce Impossible Burger products will be available in 8,000 grocery stores across all 50 states by the end of the year.
Coronavirus Vaccine Has to Be Only 50% Effective
The Food and Drug Administration said that it would approve a coronavirus vaccine as long as it is safe and 50% effective, according to CNBC.
“We all want a vaccine tomorrow. That’s unrealistic. And we all want a vaccine that’s 100% effective. Again, unrealistic," FDA Commissioner Dr. Stephen Hahn told the Journal of the American Medical Association.