Is cnn Breaking News good Morning Everybody you, are live in the cnn newsroom. Im Jim Acosta in washington. We begin on Wall Street just moments ago, the dow opened down more than 1,000 points fueling fears of a recession amid a global market meltdown, they could stop trading on Wall Street for the first time since the pandemic because of all of those already japan and Stock Market suffered. Its biggest one Day Loss ever nosediving 12 . Join me now to talk about this as kpmg chief economist, Diane Swonk Dianne phillipson, why do you think this is happening right now . I mean, a lot of this i guess is a reaction to the fed im not cutting Interest Rates. A lot of impatience with that, but this sounds, it looks a bit more serious than that. Whats going on well, uncertainty is our worst Enemy And Panic is the ultimate uncertainty out there. And thats what were seeing. The fed did discuss a Rate Cut last week when they met after that July Employment report came out. My guess is theyre feeli
Had their worst days since 2022, restoring some confidence, better than expected economic data here in the united states. We will get that in some detail in a moment. Lets go to Nashville Tennessee and speal to david waddell, president and chief Investment Strategist at waddell associates. Welcome back to the show. Yesterday was the worst day in a year and a half or us markets. Now we have had time to sleep on it, what happened . Well, it wasnt quite as bad as it appeared. The Magnificent Seven was down 6 of a cohort. They make up 3 of the index. The other a93 were only down 1 . This sell off was yesterday. It started when the lighter than InfLation Report came out on the 10th ofjuly. From that point, it was down 16 . The Magnificent Seven were down 10 . However, small cap stocks in the usa were up 10 in that period. You are seeing a Rotation Acting on the market, and it should be happening because we were very overbought going into mid july, we had levels which were the highest in the
Lets just show you how things have been trading on wall street. Khan to those numbers after a difficult day for investors. Calm returning that those members. David waddell is an Investment Strategist based in nashville tennessee. He told us in his view the big Tech Sell Off was long overdue and actually in some ways healthy. Well, it wasnt quite as bad as it appeared. The Magnificent Seven was down 6 of a cohort. They make up 3 of the index. The other a93 were only down 1 . This sell off was yesterday. It started when the lighter than Inflation Report came out on the 10th ofjuly. From that point, it was down 16 . The magnificents were down 10 . However, small cap stocks in the usa were up 10 in that period. You are seeing a Rotation Acting on the market, and it should be happening because we were very overbought going into mid july, we had levels which were the highest in the year for retail, and the highest since 2021 for professional investors. We had a lot of complacency. The vics h
So when you hear the word resiliency, i know the energy guys know this, it s about making the systems from our transmission of energy straight through to the highways we re building, the bridges, resilient to the change that we re seeing happening. Sorry, i won t interrupt like that again. I just hope you take a look at it. Tell me if we need more or less, too. Thank you, mr. President. I think with that, it s a great way to segway to our fema administrator. Thank you. Mr. President, governor, in addition to some of the numbers you mentioned, we have about 1,200 responders from the federal family on the ground. That doesn t include those back at the national response coordination center as well as our regional response coordination center. Representing 22 different federal government agencies. We have right now, 197 ambulances that have been actively engaged in trying to help with managing the support for the health care system. We also have 12 mobile communication units, coms have bee
Are literally sinking below the sea in indonesia, because of the fights over what is land any more. With the g7, we plan to launch an ambitious effort to support resilience and develop meant around the world by investing in high quality, high standard, physical, digitaland quality, high standard, physical, digital and health infrastructures. We have to make sure the new technologies and norms of conduct in cyberspace are established, including addressing the growing threat of ransomware attacks. Governed by our democratic values, not by the autocrats who are letting it happen. These are all critical national security issues in 2021, and we are going to be driving this agenda together with our g7 partners. In brussels, iwill agenda together with our g7 partners. In brussels, i will make it clear to the united states commitment to our nato alliance in article five is rock solid. It is a sacred obligation we have under article five. The uk are both founding members of nato, the strongest