with every new phone, if it doesn t have a bread-making attachment, we re disappointed. and they re also asking a grand for some of these iphones. that is a lot of money on a product that is now under incremental change. it gets slightly cooler with each new generation, but the iphone is still the product steve jobs left us. and the phone companies have stopped subsidizing the purchase of phones which tim cook in an interview on cnbc yesterday acknowledged was an issue. pricing was an issue. the slow down in china was more profound than they anticipated the trade wars having an effect on their sales. a whole host of things added up to the surprise announcement after the close yesterday. they had their worst day in six years, today down almost 10%. that s a pretty big move for a company that at one point was worth a trillion, now 450 billion less. but it s also indicative of other problems we re seeing of the stock market decline. today we got manufacturing data far weaker than expect
with every new phone, if it doesn t have a bread-making attachment, we re disappointed. and they re also asking a grand for some of these iphones. that is a lot of money on a product that is now under incremental change. it gets slightly cooler with each new generation, but the iphone is still the product steve jobs left us. and the phone companies have stopped subsidizing the purchase of phones which tim cook in an interview on cnbc yesterday acknowledged was an issue. pricing was an issue. the slow down in china was more profound than they anticipated the trade wars having an effect on their sales. a whole host of things added up to the surprise announcement after the close yesterday. they had their worst day in six years, today down almost 10%. that s a pretty big move for a company that at one point was worth a trillion, now 450 billion less. but it s also indicative of other problems we re seeing of the stock market decline. today we got manufacturing data
is this do you think driven by the fact that fed chair powell s job safe as of today as of now? second leg up is i think you can attribute to the comments of the white house head economic adviser gave that 100% promise. we didn t see it from larry kudlow, not from treasury secretary mnuchin but kevin. who s, you know, kind of among equals and to a certain extent that was responsible for the second leg up. we were up 240 at the outset. first 36 minutes of trading and then fell to negative trading on the dow and since then, spiked rather sharply and good news he s safe. it s a steady hand and adept and had a couple of communications errors and nothing that wouldn t see in any other fed chair s history so he is so far on track to do the right thing for the economy. i think the president is overly sense theive to the stock market
the federal reserve probably going to tighten rates again and again and again and we just can t take it. look, there is all kinds of reasons for this particular stock market decline. the big techs have come way down. there is the threat of higher rates from the federal reserve. and talk about a recession maybe at the end of next year. all of that is on the sidelines. your question really is, will this market sell off affect the holiday selling period? and my answer is no, it will not. we re heading towards a record breaking holiday for sales in the stores and what have you, a record-breaking holiday. best in a decade. steve: because of consumer confidence? yes. consumer confidence is close to an all-time high. wages are rising. gas prices are absolutely plummeting. that puts more money in your pocket. and the economy is growing at a roughly 3% rate. that s not the point where you get a decline in holiday sales or even a mediocre holiday. it s going to be a great holiday not with st
stock market decline first after arriving in pennsylvania. i think the fed is making a mistake. they re so tight. i think the fed has gone crazy. then again on fox news. the fed is going wild. i mean, i don t know what their problem is, but they re raising interest rates, and it is ridiculous. a 10% drop is normal. even now, they are only about 5% off record highs. thank you for keeping an eye on all of this for us. all right. we are getting a look at the catastrophic damage after hurricane michael, so let s get right to it. this is cnn breaking news. good morning, everyone. just about 8:00 in the east. i m john berman in panama city,