a percentage point. the s&p 500 fell 1.5, the nasdaq lost 1. there could, however, be some relief on the horizon in the baby formula crisis. one of the largest manufacturers in the country set to restart production this weekend. but at stores, the emergency is only getting worse. fox business correspondent grady trimble is at the abbott labs facility in sturgis, michigan tonight. good evening, grady. good evening, bret. the reopening of this facility is, of course, a step in the right direction. but it s not a quick fix to the baby formula shortage. abbott says it will start making he will care formula here tomorrow and says some of that will be available to customers as soon as june 20th. that specialty brand was not part of the voluntary recall in mid february though. the company hasn t told us
democrats in the house who have been blaming oil companies for price gouging, they passed a bill to go after companies that are charging in their words uncon then nabbably high prices for fuel. at the pump, some, but not all of the people we talked to are already scrapping summer travel plans, thanks to these gas prices. it s not worth the road trip. i will be staying in chicago this summer. he would are just going to do it but definitely concerned about the expense for sure. back to wall street. some investors tell fox business if the market hasn t hit the bottom of this sell-off yet, it s getting close but to make matters worse, 68% of ceos surveyed by the conference board think over the next few years, bret, we are headed for a recession. bret: grady, thank you. a congressional grilling on capitol hill for the fda commissioner facing a barrage of questions over the agency s slow response to the baby formula
questions if both were too slow to act. as mentioned, another tough day on wall street. the dow lost 237. the s&p 500 fell 23. the nasdaq dropped 30. today another new high for gasoline prices with the national average reaching $4.59 per gallon. the rising rates forcing some to cancel vacation plans this summer. we will address these issues and more with senate minority leader membership mcconnell in just a few moments. first, fox business correspondent grady trimble is in chicago where gas prices are soaring. good evening, grady. good evening, bret. on wall street, it wasn t as bad as yesterday but all three of the major indexes are down big this week. the nasdaq getting hit the hardest. dropping more than 3.5%. investors are worried rising costs and falling consumer demand are eating into company s bottom lines especially after disappointing earnings from two of the country s largest retailers.
make almost all of the country s formula. to make up for the factory shut down, abbott says it s flying in products from europe. other companies say they are ramping up production. simply can t turn it up produce more formula. these are very precise manufacturing mechanisms and changes have to be made with fda s okay. you can expedite but you can t rush. rushing causes problems. abbott says it s waiting for the go ahead to re-start production here. it needs the fda, it says, to do that. we have asked the fda why it hasn t given the okay for abbott to start making formula again, and they haven t given us a clear answer, shannon. once it does get going again, and the factory is up and running, the company says it can start making formula within two weeks. shannon? shannon: all right, grady trimble, thank you very much. stocks were mixed. the dow lost 104. the s&p 500 fell 5. nasdaq finished ahead 7. another shot of bad inflation
and she says that they are launching a formal inquiry into this after border patrol agents sent her pictures and videos showing pallets of unopened formula and diapers at the donna and ursula processing fittings. she says those agents tell her even more shipments are expected in the coming days. so we plan to ask the white house for their response and more information on this. shannon? shannon: we will be standing by for that, jacqui, thank you. take a closer look at what is happening at that troubled abbott laboratory facility in michigan. fox business correspondent grady trimble is in sturgess tonight. as parents across the country struggle to find baby formula, still no relief. one week i m thinking to myself am i not going to have formula to feed my child. it s so scary sometimes thinking that okay we have maybe two bottles left and we have to go get formula and we might not find it. no word on when one of the country s top formula makers abbott could restart production a