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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 ....
coming to an end and it s a high stakes election day in five u.s. states with donald trump s influence looming large over key primary races. we will take a look. this is cnn newsroom with rosemary church. thanks for joining us. u.s. president joe biden will travel to buffalo new york in the coming hours, where he will meet with families of the victims of saturday s racially motivated shooting. a white house official tells cnn, the president will make remarks in buffalo and condemn the shooting as terrorism motivated by a hateful and perverse ideology. and he is expected to call on americans to quote, give hate no safe harbor. this comes as we learn new details about the 18-year-old accused in the attack that killed ten people. brian todd has the latest. reporter: this was a straight up hate crime. pure evil. police revealing details about the planning that went in to the massacre of ten people in the buffalo store and how it could have been worse. he had plans had ....
honk the victims, 86-year-old ruth whitfield who stopped for groceries, she had just returned from visiting her husband in the nursing home. her son spoke to omar jimenez. one of the things that we as a family wanted to ensure is that we call it what it is, it is white supremacy, it is hate, it is racism, it is bigotry. we got to call it what it is and stop beating around the bush and take it head-on because it is proliferating, it is not getting better. jasmine wright is for us in washington. and as you just heard, the families are calling for officials to confront racism head-on and it seems like that is what the president plans do today. reporter: that s right, christine. a white house official says that the president is expected to address the racial motivations that led to this shooting and he is expected to condemn them, but also call on americans to embrace diversity, the thing that makes this country really america frankly america here. so we will see the ....
the president will condemn, quote, the terrorism motivated by a hateful and perverse ideology that tears at the soul of our nation. we are told the president will call on americans to, quote, give hate no safe harbor and to reject the lies of racial animus that radicalize and divide us. he will also call for federal legislation to keep guns from the mentally ill. this morning, we are getting new details about the suspect in buffalo, the investigation and new copycat threats against that city. this cell phone video taken by an eyewitness at the moment the suspected shooter was taken into custody. new evidence shows he spent several months carefully planning the attack. he was here. we found some things that show that he was here in early march. and then again, we know that he was here on friday, basically, doing reconnaissance on the area. the suspect had also considered attacking churches or elementary schools. according to his own social media posts but he hesitate ....
community leaders and also with first responders, and as this buffalo community mourns the loss of those loved ones, officials say there are concerns now that there could be a copycat attack. there have been a number of internet messages about crimes potentially being committed. phone calls made. already yesterday and the day before, two people were arrested. law enforcement is taking this very seriously. it s a measure of just how widespread the hate is that s driving this. this is new eyewitness video of the suspect s arrest after the bloody, bloody shooting wearing there, as you can see, camouflage. you also have body armor and an operations manager at the store says that she told the 18-year-old alleged gunman to leave the store on friday because it looked like he was bothering customers. there s evidence that he was planning for this sometime. prosecutors are working to bring federal charges against the suspected shooter. as of now, he has pleaded not guilty to ....