CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines, and what to watch as the coronavirus pandemic continues to keep most of America on lockdown. On today's show, CNBC Make It's Jade Sciponi takes a look at the advertising dollars shifting to social media platform TikTok.
Here are the other top stories we're watching:
Disney reported mixed results for its Q2 2020 earnings after the bell on Tuesday. The stock jumped around on the news of the report but was down more than 2% after hours following the earnings call. The coronavirus pandemic has disrupted Disney's theme parks and cruise businesses but boosted engagement on its newly-launched streaming service, Disney+.
The U.S.-based pharmaceutical giant, which is working alongside German drugmaker BioNTech, said the first human participants in the United States have been dosed with the potential vaccine, BNT162. They began human trials of the experimental vaccine late last month in Germany.
Airbnb plans to lay off nearly 1,900 employees, or about 25% of the company, a person familiar with the plans confirmed to CNBC.
The layoffs were first reported by The Information, which reported the news would be broken to employees by CEO Brian Chesky in a call starting around 3pm ET.
"We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill," Chesky told employees in a note. "Airbnb's business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019."