suspenseful. more than 24 hour was aa primary race closed, key to which party holds the senate next year, the biggest primary of the year has stretched into night two, with the two gop senate kcandidates deadlocked. david mccormick and trump endorsed mehmet oz. thousands of mail-in ballots are still being counted. and even after they re counted, this dead heat race is likely headed to an automatic recount under pennsylvania law because of the slim margin. so, both oz and mccormick have already acknowledged that still isn t over. in fact, there s a process. we have ten of thousands of mail-in ballots that have not been counted. we re not going to have a result tonight. when all the votes are tallied, i am confident we will win. the process remains. but here comes donald trump today on his social media site, ripping a page right out of his own playbook that his endorsed candidate, oz, just go ahead and declare victory. why? he said so it s, quote, harder for them to cheat.
victory. live from cnn center, this is cnn newsroom with john vause. a dismal day for wall street as the roller coaster ride on the u.s. stock market continues. the dow tumbled more than 700 points in its worst trading day since june of 2020. nasdaq lost nearly 4.8%. [ applause ] the sell-off began after target reported a 52% drop in profit for the first quarter, a day after walmart stock posted its worst day since 1987. markets in asia are also in the red this hour. live for us this hour in hong kong following the latest. after this, what are the marketing like in asia? yeah. asian markets are feeling that downward pressure after u.s. stocks, they posted the worst single day decline in two years. investors apparently spooked by two things. they re spooked by inflation fears. and they re also being spooked by weak earnings. target is the latest big box retailer to inject fear into the market. it posted that stunning first quarter profit decline of about 52%. it blam
reported, get this, a stunning 52% drop in first quarter profits, that was just a day after shares in the nation s largest retailer walmart had their worst day in 35 years. what is going on here? they have their fingers on the pulse of the american consumer and they say inflation was the problem, their customers are sticking to the basics when they come in, leaving with fewer items in their shopping carts. those purchasing decisions being driven by sticker shock of course. basics are getting much more expensive, gas up 44% the last year, car, food and shelter also way up. americans are also making more money. wages rising in this tight labor market, but that is also feeding into worries about inflation because of wages. and because of rising prices, people don t feel secure so they are cutting back and that is shaking market confidence. right now stock index futures are leaning lower. asia closed mixed overnight. looks like except for china all down here. let s bring in krist
intentional. let s go outfront. good evening. i m erin burnett. outfront tonight, the break news. stocks plunge. the dow closing down more than 1100 points today. that is the biggest loss since 2020, at the height of coronavirus, when there was so much uncertainty, no vaccine. the numbers were surging of the dead. this is the biggest drop since then. sit because the nation, one of the biggest retailers in the country, target, said it is getting crushed by inflation, which is hurting the entire country. the ceo saying costs have been rising much faster than retail prices. it was just yesterday that walmart stocks suffered its worst day since 1987. same reason, surging costs. the ceo telling investors, bottom line results were unexpected and reflect ton usual environment. u.s. inflation levels, particularly in food and fuel created more pressure. that pressure is hurting americans. it is outpacing any wage increases, and it is doing so everywhere. and the economy is the n
mcswain and businessman dave white. but we do have a projection to make in the democratic governor s race. and cnn projects pennsylvania attorney general josh shapiro will be the democratic nominee for pennsylvania governor. shapiro coasts through uncontested. he will face the winner of the republican gubernatorial primary in the fall. dana bash, shapiro is counting on having a republican candidate, republican competitor whom he can easily paint as extreme. absolutely. he s already starting to do that. we should note that josh shapiro announced that he s positive for covid so i m not sure that we ll actually see him tonight. but jake is exactly right. he became a national figure during the time between november, the november election and when the inauguration happened because as the attorney general in pennsylvania, he was very aggressive about pushing back against gop efforts to overturn the election there. depending on who he has as his opponent, he might be fighting that