in chattanooga, tennessee, sunday morning, two people were shot and killed and at least 14 others wounded near a downtown night club. i m tired of standing in front of you talking about guns and bodies as if there are families whose lives have been shattered forever because once again we had people deciding to resolve their issues with firearms. another shooting overnight at a bar, this one in mess a, arizona. that left two people dead and two more injured. saturday night, at least three people were killed and 11 others injured in a shooting in philadelphia. police say several gun men fired into a crowd there. we re absolutely devastated, devastated by this incident. and we mourn the lives lost and the dozens and dozens of lives affected by this tragedy. that s not all. a drive-by shooting at a graduation party in south carolina left one woman dead and eight people injured, including a child. police say they have recovered about 60 shell casings from the scene so fa
investors a scare by reporting a stunning drop in earnings, largely because of supply chain turmoil and rising costs. target lost 25% of its value today alone. its worst day since black monday in 1987. this comes a day after walmart sounded the inflation alarm, also suffering its worst day since 1987. the big concern is companies are having trouble passing along higher costs consumers and that perhaps corporate profitability has peaked. that s normally something you only see during big economic slowdowns. put all this together, you have the s&p 500 losing the most in one day since june of 2020, in nearly two years. the nasdaq plunging even deeper into a bear market. i should note markets were up big yesterday, but the wild swings really speak to the deep uncertainty about what comes next for the economy. and matt, a new conference board survey suggests, you know what, let s move on. matt egan, thank you so much. turning to our politics lead and an election cliffhanger in pe
afternoon. a new inflation alarm black rock think prices to rise several years mainly because of kinks in the global supply chain. now there is greater recognition that inflation is not transitory. it is probably with us for a number of years. and it s the type of inflation that i don t believe the federal reserve has the policy or the tools to do much with it right now, and i m personally not blaming the federal reserve for where we are right now, but i believe most of the problems we re living with today are more policy generated and supply generated. he says demand, right, has shot back up to where it was before the pandemic, creating shocks to the supply chain. that means supply can t meet demand and prices go up. and the fed is the official inflation fighter. he s right about that, but he says the fed doesn t have all the tools to fix, for example, a global supply chain that has just been wrecked by covid lockdowns and huge demand
investors a scare by reporting a stunning drop in earnings, largely because of supply chain turmoil and rising costs. target lost 25% of its value today alone. its worst day since black monday in 1987. this comes a day after walmart sounded the inflation alarm, also suffering its worst day since 1987. the big concern is companies are having trouble passing along higher costs consumers and that perhaps corporate profitability has peaked. that s normally something you only see during big economic slowdowns. put all this together, you have the s&p 500 losing the most in one day since june of 2020, in nearly two years. the nasdaq plunging even deeper into a bear market. i should note markets were up big yesterday, but the wild swings really speak to the deep uncertainty about what comes next for the economy. and matt, a new conference
what about fears of recession? it s a very difficult balance here because if they do too much they risk short circuiting this economic recovery, starting a recession, but if they don t do enough, then inflation can move out of control. larry summers who s been sounding the inflation alarm for much of the past year, he s not very optimistic. the foreign u.s. secretary put out this line. he said, the fed s current policy trajectory is likely to lead to stagflation and ultimately a major inflection. stagflation is a toxic mix of slow growth and high inflation something we saw in the late 70s, early 80s. it s hard to get out of. no one wants to see that. if consumer prices start to ease, then the fed could feel vindicated here with their patient approach. if not, i do think the recession