The Company Similar porting its food truck business for frozen drinks into restaurants and supermarkets around the country. All that and more over the next hour. But first, lets get headlines from my radio cohost. Thank you very much. Hewlettpackard is cutting more jobs. The c. E. O. Is pushing forward with a revamp of the worlds second biggest p. C. Maker by eliminating 11,000 to 16,000 jobs. The cuts come on top of the 34,000 reductions already announced. Meantime, the gap reported First Quarter profits at exceeded analysts estimates. The retailer was helped by sales of lowpriced clothing and athletic gear. Same store sales rising 9 in the month of april with an 18 jump at old navy. And Reynolds American which is the maker of camel cigarettes is said to have explored the monthse of lorillard for but apparently the efforts have been stimied. Those talks are said to have fallen apart on several occasions. And thats a look at some of the top headlines at this hour. Back to you. Thank yo
And general defense. Controversy swirls over when chief of staff john kelly knew about the porter abuse allegations, two exwives. As new reports detail a history of john kelly downplaying disturbing accusations. Youll have to explain to the president what he knew, when he knew it. Probably explain to the American People as well, maybe even hope hicks. We begin today with breaking news. A wild ride on wall street. As of right now, the shutdown crisis in washington appears to be over. But the meltdown in the markets keeps on going. I have a great team here to break all of it down, starting with cnbcs sima moody at the new york Stock Exchange. We are in correction territory so that is a 10 dip from the high. We have to remember january was the 52week high. We have been on a tear. Cant we look at this as normalizing . Well, not necessarily. I think a 10 move from its alltime high, as you point out, stephanie, is enough for portfolio managers, even traders here on the floor of the new york
After a twoweek delay because of a Government Shutdown, the annual speech now just 12 hours away. The theme reportedly choosing greatness. Hell be speaking infrastructure, trade and Prescription Drugs, before diving back into what has become the defining issue of his presidency, the border wall. To every republican, if you dont stand behind this president , were not going to stand behind you. This is the defining moment of this presidency. Its not just about a wall. We begin today with federal investigators going all the way back to the beginning. Demanding documents connected to the president s more than 100 million inauguration. But whered all that money come from . More importantly, where did it go . I have a great team to break all of it down. Specifically the legal implications. But first, let me explain exactly what we learned last night. Late monday, the u. S. Attorneys office for new york Southern District issued a subpoena for documents relating to President Trumps 2017 inaugu
being stos acks and a house. one thing we saw during the obama recovery was if you had a house or stocks, they both increased in value. good news for people would had some wealth. very few people own stocks outside of their 401k. so we re talking about housing values increasing. you have to have owned a house to get benefit from that. very few people actually own stocks. where s that trump base in this? when he touts the economy, what is his base saying because it s his base that got him elected. i think we process the economy as voters in a very strict level. everything we know about how people voted says did you get a wage increase in the six months before the election? that s all that matters. if we re seeing 3.5% or even 4% wage growth a year from now, it might be a really interesting story. it will be great if we did. we need to get more money in their paychecks. brandon greely, thanks.
right now is whether or not we could see a prolonged period of this contraction. for right now, one of the things that gives a lot of people comfort, the idea we haven t seen flash crash, that is, a 1,000-point drop for something like that. for the most part, a trending lower market declining in an orderly fashion. a bloomberg jamboree. the editor of daily economics newsletter. all we know so far. megan murphy is still with us. and msnbc anchor david gera. brandon greely, we ve officially entered a full market correction. from my perspective, listen, we got too far, too fast, the market got frothy, we re pulling back. we need to realize that interest rates aren t always at 012%.