CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Contessa Brewer breaks down how the disaster response to Hurricane Laura is complicated by Covid-19 safety protocols. Plus the latest on today's suspenseful TikTok drama, and CNBC's Bob Pisani explains how the the unbalanced stock ownership levels in America help the rich get richer.
Hurricane Laura pounded the Gulf Coast for hours with ferocious wind, torrential rains and rising seawater as it roared ashore over southwestern Louisiana near the Texas border early Thursday, threatening the lives of people who didn't evacuate.
Authorities had ordered coastal residents to get out, but not everyone did in an area devastated by Rita in 2005.
Laura's howling winds battered a tall building in Lake Charles, blowing out windows as glass and debris flew to the ground. Police spotted a floating casino that got loose and crunched against a bridge. But hours after landfall, the wind and rain were still blowing too hard to check for survivors.
The rich really are getting richer.
Two Federal Reserve economists recently examined the evidence and concluded the gap is getting even wider.
Federal Reserve Board economists Isabel Cairo and Jae Sim found that the inequality gap has risen because owners of assets like real estate and stocks are benefiting from the rise of corporate power and rising profits, along with the decline of labor.
Walmart said Thursday that it's teaming up with Microsoft in a bid for TikTok.
The retail giant confirmed to CNBC that it's interested in buying the popular short-form video application.