CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC.com's Alex Sherman breaks down TikTok's impressive user growth in the wake of its lawsuit against the U.S. government. Plus, CNBC's Steve Liesman dives into historical economic data that disproves the theory that a pandemic would cause the end of big cities.
TikTok reveals detailed user numbers for the first time
TikTok revealed specific U.S. and global monthly active user details for the first time in its lawsuit challenging the U.S. government over an effective ban that is set to take place next month.
In the filing, TikTok revealed its monthly active users have grown nearly 800% since Jan. 2018, when the application was used by about 11 million Americans. About a year later, that figure had more than doubled to about 27 million. By June 2020, months into pandemic quarantines, TikTok's total number of U.S. month active users had soared to more than 91 million. More than 100 million Americans are monthly active users today, the company said earlier this month. The company also revealed it has more than 50 million daily U.S. users.
The S&P 500 and Nasdaq Composite rose to all-time highs on Tuesday, continuing their blistering rally off the March lows even amid a mixed batch of economic data and a rare decline by market leader Apple.
The broader market index closed 0.4% higher at 3,443.62. The tech-heavy Nasdaq advanced 0.8% to 11,466.47. Facebook climbed more than 3% to lead both benchmarks higher. Amazon, Alphabet and Microsoft were all up more than 1%.
Major changes are coming to the Dow Jones Industrial Average.
S&P Dow Jones Indices said Monday that three new companies will be joining the 30-stock benchmark. Salesforce.com will replace Exxon Mobil, Amgen will replace Pfizer and Honeywell International will replace Raytheon Technologies.
The changes will go into effect before the market opens on Monday, August 31.