Stocks tumble as fears of an economic slowdown surface again

Published: Sep 03, 2024 Duration: 00:02:40 Category: News & Politics

Tags : U.S. CBS Mornings Clips

Trending searches: stocks

Wall Street took a big hit on the first day of trading in September which is historically one of the worst months for the market the Dow the SNP 500 and Nasdaq all took their biggest losses since a global selloff earlier last month CBS News business analyst Jill slesinger is here to break it all down so let's jump right into it um what what was going on yesterday why they're tumbled you know I think there were a couple of things number one we had weaker than expected manufacturing data number two we had a report out from Goldman Sachs that said hey demand from China is slowing down number three this is what I think I think a lot of people said hey I've been away for a long weekend they looked at their positions they said the nasdaq's up 20% this year the S&P is up 19% this year maybe I should take some money off the table regardless this is an overall fear of hey maybe things won't continue maybe we'll be slowing down too much maybe we're looking at a recession but is it a slow down with the Federal Reserve what what people want it yeah this is the weird part this is the Paradox of where we are we want the FED to slow things down because we don't want inflation to Bubble up again and inflation's moving in the right direction but the real issue is that if we slow down too much the fear is we see layoffs we see that there could be actual contraction and you know what's interesting the FED meets exactly two weeks from today exactly two weeks September 18th we are expecting a quarter of a percentage Point rate cut it would be the first of many but that's the Focus right now is the fed and the labor market now a new jobs report will be released Friday what can we expect so I think we're looking at maybe about 170,000 jobs were created it could be up it could be down last month was a weaker than expected report that started the big selloff in early August but regardless we really are looking at the unemployment rate which is at 4.3% we're also looking at wages we need to see that our wages are growing faster than the inflation rate so far for the last few months that's held should people do anything with their retirement accounts anticipating the FED move remember last month when everyone was freaking out and I said calm down it's a day-to-day thing you're a long-term investor please don't do anything and even when you see a sell-off like yesterday it's going to be a volatile season please be clear that if you are a long-term investor this is the price of admission you must endure these bad days over the long term you're going to be happy that you you did not mess around with that portfolio Mom I'm talking to you because she called me yesterday and she was nervous and I said please I know you're nervous but there's no need to do anything in football terms you can't win the season in week one play the long game oh yes baby I got you dollar dollar Jill we appreciate you

Share your thoughts

Related Transcripts

Hurricane Francine on path to make landfall in Louisiana Wednesday

Category: News & Politics

Breaking overnight her name is francine remember this francine is now a hurricane in the gulf of mexico heading for louisiana now it's due to make landfall today with dangerous winds heavy rain and storm surge all the usual stuff with the hurricane dave malov is in huma louisiana with the latest hurricane... Read more

Former Hochul, Cuomo aide arrested, accused of acting as foreign agent to China

Category: News & Politics

This morning a former top aid to two new york governors is accused of working as a foreign agent fbi agents arrested linda's son yesterday and charged her with plotting to advance china's interests in exchange for millions of dollars derica duncan has more linda what do you have to say to the allegations... Read more

Kroger CEO defends potential Albertsons merger in court

Category: News & Politics

The ceos of two major grocery store chains testified at a hearing in portland oregon yesterday defending kroger's nearly 25 billion doll purchase of rival albertson's the federal trade commission is trying to stop what be what would be the largest grocery chain merger in american history jool link k... Read more

New questions about Saudi Arabia's connection to 9/11 attacks raised by surfaced video

Category: News & Politics

Two decades ago the 911 commission found that al-qaeda acted alone in the september 11th attacks that k that killed rather nearly 3,000 americans we all remember that day but the victim fames say that is not true they point to a newly released video filmed outside the us capital two years before the... Read more

Authorities arrest man for allegedly starting California's Line Fire as blazes rage on

Category: News & Politics

Now to the raging wildfires in the west with nearly 6,000 first responders struggling to control 16 active wildfires in california there's also been an arrest of a man accused of starting the line fire which has spread to more than 36,000 acres ben tracy reports on the still growing threat the bridge... Read more

Landslide crisis threatening hundreds of homes in Rancho Palos Verdes, California

Category: News & Politics

Some people in rancho palace verdes a city south of los angeles have been told they may need to evacuate due to a landslide crisis and what that means is there's a town outside of a major american city where the power had to be shut off to more than 200 homes over the weekend because dramatic shifting... Read more

9 deaths now linked to listeria outbreak from Boar's Head deli meat

Category: News & Politics

If you're packing those lunches this morning with b's head deli meets we have a major update on that company's recall the cdc now says at least nine people have died and dozens have been hospitalized in the country's largest leria outbreak in more than a decade elaine keano is following this elaine... Read more

DirecTV customers lose Disney, ESPN channels over contract dispute

Category: News & Politics

We're going to start this hour with a blackout affecting millions of direct tv customers the satellite service lost all of its disney owned channels over the weekend including abc and espn after the two companies failed to reach a new deal nancy chin is here to show how this dispute may impact you nancy... Read more

Israeli protesters demand hostage deal as Netanyahu remains defiant

Category: News & Politics

>>> for 23 years those privileged to have the most stunning honor to be hirsch's mama, i will take it and say thank you. i just wish it had been for longer. >> welcome back to america besides, that was rachel goldberg delivering a eulogy for her son was one of the six hostages found dead... Read more

Examining Trump's recent comments on IVF, Florida's 6-week abortion ban

Category: News & Politics

We should note the crimes he was convicted of took place before he took office. >>> now former president donald trump's positions on reproductive rights are angering some both on the right and the left. you see, just recently, he criticized florida's six week abortion ban and he also said... Read more

Boar's Head facility that had mold, mildew and bugs linked to listeria outbreak, records show

Category: News & Politics

>>> bugs, mold, and mildew, that is what inspectors say they found at a boar's head plant that's been linked to a nationwide listeria outbreak that's blamed for at least nine deaths. the health violations are detailed in records released by the agriculture department. some specifics include... Read more

GOP primaries underway in Virginia, Georgia and Oklahoma for congressional seats

Category: News & Politics

Rolled out a $50 million media by in battleground states. part of it includes a ad targeting trump as a convict it criminal. voters are headed to the polls in virginia and oklahoma for critical primaries. in georgia, primate run elections are underway. all three states have held a presidential... Read more