nearly two years, the dow dropped nearly 1200 points, it came after target reported a huge 52% drop in profits for the first quarter, walmart slashed its outlooks. these stores are pocketing less money because they have to pay so much more to get product on their shelves. wal walmart s stock fell more than 11% on tuesday, the company s worst day since 1987. and then of course there are also gas prices to talk b now above $4 a gallon in every state in america for the first time ever. the national average this morning $4.52 a gallon and climbing and that ripple effect is now hitting markets around the globe. overnight european markets opening lower, stocks also tumbled in asia after wall street s hellish day. inflation fears now depressing investor sentiment, many ceos publicly stating their concerns about a possible recession, something fed chairman jerome powell is keenly aware of. what we need to see is inflation coming down in a clear and convincing way and we re goin
of bills, one of which provides an extra $28 million in funding for the fda that s mainly for staffing issues, oversight into preventing future formula shortages. elizabeth cohen joins us with much more on what is now more or less military operation to get more baby formula to the united states. it really is, john, that s a good way to describe it. who would have thought that it would come to this in the united states. let s take a look at some more details for what you and erica just described. so the defense production act, the government directs formula ingredients, inn gred yents that go into formula, to go to formula manufacturers first. in other words, not to other things first. also the fda making it easier to import formula to the u.s., something that has really not been done very much at all. also, operation fly formula, the department of defense helps expedite formula imports by using commercial planes that have contracts with the dod. also, the fda and abbott a
receive around the clock security as the department of homeland security warns of murder threats escalating. welcome to our viewers in the united states and all around the world. it is thursday, may 19th. and shortly, the 18-year-old suspect in the racist attack on a buffalo supermarket is due to appear in court after pleading not guilty to first degree murder. we re also learning this morning that a 911 dispatcher has been placed on administrative leave for what officials describe as a, quote, completely inappropriate response to a whispering caller during the mass shooting that left ten people dead. we re hearing stories from those who survived the massacre, including one hero who risked his life to save co-workers and customers. he spoke with cnn s shimon prokupecz. shimon joins us live from buffalo. it is an incredibly moving story, shimon. reporter: it is. what a remarkable man, jerome bridges, he works at the store, describing to us and really just great detail, a
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maybe not tiger but people would receive him with open arms and be happy that he s there. the fact that he s not here i don t think it s because he s afraid of the fans, i think it s because of what going on in his personal life. it does seem as if something bigger is going on there. tiger woods is so diplomatic, you know, you can see him navigating his way through that answer there. that s almost as far as he will ever go criticizing someone publicly like that. dan rapaport, glad you re there. we will check back in with you over the next few days. sounds good. thanks, guys. new day continues right now. i m john berman, with erica hill on this new day, a new move by president biden, he invokes his defense powers to battle the u.s. baby formula shortage. plus, the dow is down, gas prices are up, economic fears felt around the globe this morning. as the president begins his asia trip today, the u.s. is prepping for all scenarios if north korea fires a missile. and the dea