seven. news starts right now. >> a volatile day on wall street, as investors continue to try to decipher how president trump's tariff policy will affect the u.s. and global economies long term. good afternoon, i'm kristen z. let's take a look at the closing board. the dow ended the day down 349 points. another day in

the red. and as the market drops president trump threats or is threatening up to up the ante on tariffs against china. abc news reporter nicole d'antonio has the very latest from washington. >> a roller coaster white knuckle day on wall street as president trump doubles down on tariffs for a third day. the dow plunging more than 1000 points at the open. but today it recovered briefly on a false rumor the president might pause the massive tariffs at the end of trading today, the dow closed down about 350 points. president trump questioned about the tariffs and the market turmoil during an oval office meeting with israeli prime minister netanyahu. >> we're going to have one shot at this, and no other president is going to do this. what i'm doing, and i'll tell you what, it's an honor to do it because we have been just just destroyed. >> the morning started with president trump posting on social media minutes after the u.s. markets opened, telling investors not to panic and warning americans not to become

what he calls panicking. then, hours later, threatening to increase tariffs against china again if beijing doesn't remove the retaliatory tariffs it placed on the u.s. >> if we can make a really fair deal and a good deal for the united states, not a good deal for other. this is america first. >> but now some of the president's biggest donors and billionaire buddies are turning their backs on trump's tariffs. jpmorgan chase ceo jamie dimon warning his shareholders of considerable turbulence, writing in a letter that trump's trade war will likely increase inflation and are causing many to consider a greater probability of a recession. hedge fund investor and trump supporter bill ackman calling on the president to call a time out warning we're heading for a self-induced economic nuclear winter and we should start hunkering down. >> as markets continue to tank and wealth continues to evaporate and it becomes clear this is pushing the economy into a recession, that will put enough pressure on lawmakers and policy makers to get it together. >> even some conservative

lawmakers are now pushing back against the president. republicans in both the house and the senate backing a bill to rein in the president's authority to impose tariffs. the white house says president trump would veto the bill. nicole d'antonio, abc news, washington. >> okay, let's take a look at the final numbers on wall street when it closed about an hour ago. the dow taking a hit, though not as bad as preceding two closings, obviously, last week ending the day at 37,965. the nasdaq actually ended a bump up, gaining 15 points, while the s&p 500 lost nearly 12. we'll get some answers about the tariff effect on the markets. global concerns and what small investors might want to do to weather the storm. from uc berkeley professor of finance terry odean. that's ahead in less than ten minutes. last call could soon be extended to 4 a.m. on weekends and holidays in specific areas across california. san francisco assemblymember matt haney introduced the idea in a piece

of legislation today in los angeles, as the city prepares to host the 2028 summer olympics. the goal is to attract more tourism and hospitality businesses. community leaders in san jose believe it could be a great benefit to places like post street, which just became car free earlier this year. >> it could absolutely extend the small business owners ability to keep the party going a little longer, and make sure they maximize the revenue that they need right now. >> the bill would apply to designated hospitality areas in the state. lawmakers are also hoping to get this passed before major events come to california, including the olympics and also the super bowl and world cup here in the bay area. happening now, a major step in what could either prevent a teacher strike in the east bay, or be the next epn teachers walking off the job? fremont unified leaders and the district's teachers union are meeting to try to break an impasse over contract negotiations. the union says the 2000 teachers they represent

want to see smaller class sizes, salary increases and health care benefit contributions. and in about a half hour, teachers are set to hold a rally outside the fact finding hearing in fremont. about 30,000 students are enrolled in fremont unified schools. in the east bay, a shakeup in the oakland mayor's office. we're learning. interim mayor kevin jenkins fired his chief of staff over the weekend. lee hanson was fired over a note she wrote last year that appeared to refer to black people as tokens. hanson previously worked for former mayor shen tao and stayed on after tao was recalled. hanson said the comments were being taken out of context. she said it was written during an anti-recall meeting where they discussed plans to recruit black supporters. and she wrote down comments that were actually made by then mayor tao. a special election is taking place tomorrow in san jose. voters in district three will be choosing a replacement for omar torres, who resigned in november

following his arrest on child molestation charges. six people are vying to replace torres, including the mayor's deputy chief of staff and the executive director of the latino coalition of silicon valley. now to the accuweather forecast. it's a mostly cloudy afternoon and we have a beach hazard statement in effect. abc seven news weather anchor spencer christian has details of this, but then a warm up later. >> this week. midweek it's coming our way. kristen. we also had some drizzle this morning. as you may recall, just a few hundredths of an inch of rainfall for most locations. and of course, that's all out of here right now. so looking at the satellite radar composite image, you can see the clouds sweeping eastward and moving away from the bay area. although we still have some lingering clouds right now as we look down toward the city from mount tam. and you can see these are our forecast headlines. sunnier tomorrow, but still relatively cool compared with the weekend we had. midweek warm up is coming our way wednesday and thursday. we'll see temperatures in the 70s and 80s, and the weekend outlook calls for more of spring's splendor. right now,

we're looking at breezy conditions, with wind speeds generally between 10 and 20mph across the bay area a little bit cooler than at this time yesterday, about 2 to 5 degrees cooler across most of the bay area. and here's a look at our current temperature readings here in san francisco 60 degrees. right now we have mid 60s at oakland, hayward, san jose, redwood city and 57 degrees at half moon bay. at the golden gate. we had some blue sky just about an hour ago, but you can see clouds sort of returning, moving through the golden gate right now. 67 at santa rosa, napa, fairfield, 70 degrees, upper 60s at concord and livermore. and we still have that beach hazard statement in effect until 11:00 this evening. the surf is rough, and there's an increased risk of rip currents and sneaker waves. bear that in mind, please. if you're going to be down near the coastline, watch the clouds begin to part even more. going into the late night hours, we'll see areas of clearing, but still a surge of mid-level and low clouds going into the early morning. and then we'll start to see skies become really clear by mid-morning tomorrow. overnight,

low temperatures will range from upper 40s, many of our inland locations, to about 5051 degrees around the bay shoreline and near the coast. highs tomorrow 60 at half moon bay, 64 here in san francisco. again, not nearly so warm as the weekend was, but relatively mild. upper 60s around the bay shoreline. we'll see mainly low 70s in our inland areas tomorrow. and here's the accuweather seven day forecast. and check out that big bump in temperatures on wednesday. high temperatures climbing up to about 80, perhaps even a little bit above that in some of the inland areas. mid to upper 70s around the bay shoreline. not much change on thursday, maybe a degree or two lower than the warmth will experience on wednesday. now it does get slightly cooler on friday. breezy and cool, bright and breezy on saturday, but temperatures bounce right back into the upper 70s to near 80 on sunday and monday, so a lot of nice spring weather is coming our way. kristen. >> all right. thank you spencer. in the north bay, starting today, the larkspur connect shuttle is operating all week long. the shuttle serves the larkspur station, the golden gate ferry, larkspur terminal,

and the surrounding landing area. officials hope that the added service will help those with disabilities, or anyone who has trouble walking between the stations. shuttle trips can be booked on demand with an app. okay, we're going to take a closer look at the economic consequences of trump's tariffs. what's going on with the markets around the world? i mean, if you have been feeling the impact, you're going to want to know how long this will last and what could call i bought the team! i put it on my chase freedom unlimited card. and i'm gonna cashback on a few other things too... starting with the sound system! curry from deep. that's caaaaaaaaash. i prefer the old intro! this is much better! i don't think so! steph, one more thing...

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triggered by president trump's tariffs set to kick in wednesday, $6.6 trillion of u.s. stock value has been wiped out in the past several days. and

while our indices finished mixed after a volatile day, it was a bloodbath around the world. hong kong's index closed down 13%. japan 8%. china's composite 7%. u.k. 4%. just as a few examples. joining us live now is terrance odean, professor of finance in the haas school of business at uc berkeley. professor, thanks for your time. >> thanks for inviting me. >> all right. so there's a lot to try to understand here for your average person. why did we wake up to a massive global selloff? >> i believe because of the unexpectedly large tariffs that president trump imposed last week. >> well, what is the world responding to like when investors sell whether big institutional ones. and i you know i assume that's who's leading the way here. what are they saying. what's the message. what's the expression of their how they feel? >> i think the general feeling is that the large tariffs are

not going to be good for businesses. i mean, even the auto industry, which, you know, was supposed to be one of the industries that president trump is trying to help. if you take a look at the stocks of auto, you know, automobile companies, they have they've taken a big hit. they are set. so part of what's going on is all these industries are somewhat optimized for the existing tariff system. and you know, so you take a look at detroit, detroit actually windsor, ontario is almost part of detroit when it comes to manufacturing cars. you get parts made on one part of one side of the border, moved to the other side of the border, assembled. and when you throw tariffs in between them, it's like throwing a wrench, you know, into the gears. >> i see so the ecosystem has been set up. it's been operating a certain way. and now businesses and investors don't

know what to do now or where to invest and what's going to happen. okay. so that's what they were responding to the dow. let's look at the us markets. it did end up down close to 1%. but that doesn't tell you the whole story. it was a massive roller coaster ride. the dow plunged at the start before recovering on a rumor and then falling again when the white house dispelled the rumor. please explain to the layman what happened. >> is it general perception that if president trump were to back off of his imposed tariffs, like take him away or reduce them drastically, the market would recover, at least in part. so the rumor was this is going to change. then the rumor was dispelled. so you had the market coming up, going down? i don't know. you know, i can't predict what the market will do. my expectation would be that if he backed off substantially from the tariffs, the market would improve because the tariffs

themselves are going to be destructive economically. the uncertainty would probably still be there. you know, business leaders don't like regulatory uncertainty, even if you prefer one regulation to another. what you really want to know is what's the regulation going to be in three or 4 or 5 years? because i'm making decisions now, investment decisions that for the environment in the future. so the uncertainty is very difficult for people running businesses. >> right? right. i mean, every hour seems to be changing, right? and that rumor was, in fact, that, oh, maybe he's going to pause the tariffs for 90 days. look, at one point the market was in bear territory. and i don't mean that as a cow fan. what does that mean? >> it means it's down 20% from its high. it's somewhat arbitrary that it's 20 instead of 19 or 21, but significant when you think about, you know, your portfolio. >> okay. right. and a lot of

people don't want to think about their portfolios right now. and i'm not going to ask you what people should do with their individual portfolios. but i do want to get back to, you know, the bigger picture of like china today said, it's going to impose equal retaliatory tariffs if it's not called off. and then trump said he'll tack on even higher tariffs than. how does this end for both countries if it plays out. could it be a win lose or is it a lose lose. or could we somehow still win from this? i mean some countries are signaling they won't retaliate. >> i suppose there's a small chance we'll have some wins. uh- it could easily turn into a lose. lose. so if we end up, you know, with other countries retaliating and we retaliate and we basically shut down uh- our trade with much of the world or much of our trade with the world, you're going to see a pretty significant increase in increase in prices here. and it

could. i'm not saying it would, but it could push the economy towards a recession. >> uh- is that recession the r word? i don't even want to say it. is it unavoidable at this point? >> no, it's not unavoidable. i think if we get into a tit for tat retaliatory, you know, system of tariffs, you know, we raise tariffs on china. china raises tariffs on us. and the same thing happens with other trading partners like the united kingdom. and the not so much the united kingdom as the european union. the taxes on the tariffs on the united kingdom are somewhat lower. but if we end up in that direction, that's not good. it's quite possible, though, that things will go the other way that, you know, the e.u. has signaled a willingness to lower, lower the tariffs on us goods down to zero where we

to do the same. maybe things would get better quickly. >> look, i have about 20s left, but i do want to ask you, does congress have no power here to influence the tariffs? >> congress has power. however, there's a law that, you know, there's a movement right now to pass a law to restrict the president's ability to levy these taxes. but he, of course, can veto that law. so that that creates quite a hurdle to get it passed, because, you know, there are a lot of especially republican congressmen and senators who don't want to be seen as defined. trump. >> okay. so congress has the power. we'll see how they use that or not. terrance dean, professor of finance and haas at berkeley, thank you so much. >> thank you. >> a trio of famous investors is putting their money on the independent baseball team, the oakland ballers. up next, we'll

talk live with one of

season are selling like hot cakes as local fans crave a sports team of their own. and now a hollywood celebrity wants in award winning movie, tv and broadway. actor and producer and director blair underwood has joined the oakland ballers ownership group. he's a part owner and social impact ambassador for the team. joining us live now is the hollywood legend himself, blair underwood, wearing a ballers cap. hey, blair. i think you got to turn on your audio or microphone. yeah. >> i should know by now. i said, you know this. the ballers in effect. >> yes, yes, it's a good look on you. look. thank you. oakland's been getting some hollywood attention lately. how did you get involved with the ballers? >> well, listen, i've been doing business up in the bay area in

oakland, and specifically for the last 20 some odd years. just different projects, different different initiatives. and my business partner, gary reeves, is from the bay area, so i have found myself gravitating there more and more. i have family there as well. and then he kind of mentioned to me this opportunity to invest in the ballers. and i love the story. it's all about i'm a storyteller. it's all about the story. it's all about the community coming together. the fact that last year we had 2200 different fans who invested in the team. actually, one of the fans is a board member on the team. so, you know, i heard. listen, with the warriors leaving, of course with the oakland, the raiders leaving and now the a's of course. it's just it's a it's a place and time for oakland to have some place to shout out and have a place of their own as sports fans and i and yeah, and just be a part of that. i was excited. >> the way you describe, you know, the fans like getting involved in that way. it's almost like it's a co-op, you know what i mean? which is so different from pro sports and so different really from the kind

of ownership that's been with oakland teams in the past. >> yeah, i love that. you said the tickets are selling like hotcakes, but also this investment round, you know, is very exciting because i think we raised $700,000. now this raises 2 million. but people are buying in quickly. and you know, you can get in at the area code of oakland 510 510 bucks. i did a little more than that. but you can't. i mean, people can get in at $510 if they want to. >> all right. perfect. okay. by the way, it's not just you. i heard other celebrities are joining the ballers as well. right? you got some two friends whose names you might want to drop here. >> well, billie joe armstrong and too short. they're owners of the. there you go of the ballers as well. and, you know, the thing is, you know, this team, there had to be a second team. you can't just come into this league, the pioneer league, with just one team. there's a second team called the high wheelers out of sacramento. and that each one has different community and even certain celebrities that kind of assigned or attached to different teams in the league. so it's an exciting thing where

everybody gets to play literally and figuratively. >> that's awesome. okay. how do you see the team making a social impact as social impact ambassador? i'm sure you've given a lot of thought to that. >> well, that's just it. i mean, that's social is the society is the community. it's the people. it's the people that makes the team. it's the fan base that makes the team. and it's really about finding ways to always keep them engaged, to connect with them, to communicate with them, to co-op with them, if you will. there's your word. >> well, i mean, yeah, and just the refurbishment and bringing that ballpark back and the community being able to use it for little league games, you know, that's really important. okay. so what do you want the game day experience to be. >> oh man. somebody said the other day because you know we had a our first game the other day which and we haven't even started spring training. opening day is may 20th. the spring training starts may 10th. but we did have a game, an exhibition game last week. and it's like it's like a block party is what somebody said. and that's what it feels like at its best. it's like a block party. i heard the old the owner of the oakland a's

rarely did, if ever did any interviews. these owners, all of us, you know, especially paul friedman and his partner brian, they're out there shaking hands with the fans. it's all about the fan engagement. >> nice, nice. wait, did you just say shaking? are you going to be out there shaking hands? >> oh you of course with my ball cap. listen, we got 48 home games. i won't be at every game but i will definitely be up there. >> that is fantastic. blair underwood, really quickly, before i let you go, what are some other projects that we could be looking for you for in? >> well, i would say i won't be there for opening day because i have a new book coming out called sins of survivors on the same day, hits bookstores on may 20th. so it's called sins of survivors, and it's one book out of two. it's a whole series, but i'm very excited about it. >> i don't know where you find the time for all that. by the way, i've loved you since l.a. law. so, so glad we got to chat. >> oh, nice. nice. so glad. well, thank you, i appreciate that. just take me way back i love it. >> all right. go, ballers. thank you so much, blair. take care.

>> all right. you got it. take care. >> a zoning change in parts of san francisco could be key to helping revive the city. next, the you can pick up the tab, even when you forget your wallet. (kaz) i got this. (ben) fargo, send kaz $145 dollars with zelle. (kaz) smooth. (vo) learn more at wellsfargo.com/getfargo.

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(ben) fargo, send kaz $145 dollars with zelle. (kaz) smooth. (vo) learn more at wellsfargo.com/getfargo. to the sweeps around oakland's lake merritt. last week, the city began clearing encampments around the lake, the estuary and peralta park as part of efforts to beautify the area. notices announcing the effort went up in late march. the unhoused say the sweeps don't fix oakland's homeless problem, but just move people around. >> sweeps are violent. sweeps are traumatic. sweeps are disrespectful. sweeps are a waste of money. >> there are currently an estimated 5500 unhoused people

in oakland. city officials say workers have been offering alternative living options to people living around the lake. city leaders in san francisco are creating new entertainment zones at an exponential pace. mayor daniel lurie announced a plan to create new zones in five more neighborhoods in yerba buena, valencia street, ellis street, pier 39, and folsom street. the entertainment zones allow for adults to buy and drink alcohol during specific festivals in set locations, such as night markets. >> we've seen what happens when we open up our streets. foot traffic goes up. local businesses get a boost and neighbors come out to connect. we've seen bars and restaurants report sales going up as much as 15 times. >> so the board of supervisors will consider this move tomorrow. the board is also set to vote on creating an entertainment zone in the castro. a major retailer is opening a flagship store in a san francisco area, the union

square area. zara is planning to open up a four story store one block away from its current location on post street. last year, zara announced it would be closing its post street store, which is half the size of the planned flagship store, so that is good news for the city as well. thank you so much for joining us. world news tonight with david muir starts now. and i'll see you back here at four. tonight, several breaking stories as we come on the air. the volatile day on wall street. president trump is asked late today, will he pause his sweeping tariffs, and what he said. also tonight, more than 20 dead, severe storms hit multiple states. you'll see more than 60 people rescued from a hotel by boat. and the video right here tonight, the extinct wolf that scientists now say they've brought back. not seen in 10,000 years. f