learning new details about his life. welcome to new day . it is saturday, may 21st. we re thrilled that you are starting your weekend with us. good morning, amara. good morning to you, boris. thank you, everyone, for joining us today. with he begin with the nationwide plight, testing the most basic function of parents. the ability to feed their child. the baby formula shortage is throwing the white house into crisis mode as parents face empty shelves. the situation is so severe, not only has the president invoked a war-time measure to increase production, but now a military plane will be used to carry formula from overseas. the defense department ordered the first flights to leave this weekend from germany. and just this morning, president biden signing a new bill into law in response to the severe shortage. it allows the waiver of certain program requirements in the special nutrition program for women, infant and children, also known as wic. they are trying to expla
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
ease the nationwide baby formula shortage that s left parents scrambling to feed their kids. the white house and private companies say they are now working to get more of that formula into the hands of parents. yeah. throughout the pandemic you know stores struggled to keep shelves stocked with a lot of popular brands, but this recall in february and then continued supply issues had really pushed parents to the breaking point. manufacturers say it may be weeks, potentially even months before supply is at full capacity again. let s take you now to delaware, where president biden is spending the weekend. and we find cnn s white house reporter jasmine wright there. jasmine, the biden administration has gotten criticism of its handling of the shortage. how is the president addressing this issue? reporter: well, boris, the white house has taken a number of steps in days, but still it comes as questions continue to mount as to why the white house didn t take more action, at l
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