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
race that could shape control of congress tightening this morning as mehmet oz s lead shrinks. welcome to our viewers in the united states and all around the world, it is thursday, may 19th. the white house and congress stepping up efforts this morning to address the critical shortage of baby formula. president biden invoked the defense production act, it allows the federal government to have more control over domestic production during emergencies. in this case ordering manufacturers to make key ingredients for baby formula and provide them to formula companies first. the white house also announcing operation fly formula, authorizing flights to import formula from abroad and house lawmakers passing a pair