economy in question. investors getting a case of whiplash after an 1,100 point swing sends millions searching for answers, as those with cash on the side lines went bargain hunting. we'll tell you what's ahead for today. we're live in london with the latest on the military build up and the diplomatic efforts to try to head off a war with russia over ukraine. the supreme court has decided to take on the most serious challenges to colleges and affirmative action in many years. a farewell some 80 years in the making a pearl harbor veteran arrives

at his final resting place and the legendary bob dylan just sold his entire recorded music catalog to sony. can you guess how much "early today" starts right now good tuesday morning i'm phillip menam. >> glad you're with us i'm frances rivera strap in because it's going to be another roller coaster day on wall street. pointing to a steep drop after yesterday's wild swing the dow erased a 1,100 point deficit to finish in the green alongside the nasdaq and s&p >> unbelievably we are up across the board. >> reporter: it was a gut wrenching roller coaster ride on wall street with last minute buyers jumping in to pull the market out of a steep nosediveimate its lowest points the dow jones industrials down more than 1,100 before closing up 99.

a 1,200 point swing. concern about a potential russian invasion about ukraine and the global economic fallout. while at home corporate earnings are coming in as inflation hits 40-year highs, driving prices higher from the grocery aisles to car lots. >> the president does not look at the stock market by a means to which the judge the economy >> reporter: after the s&p 500 went up the market has been sliding for much of this month with the federal reserve expected to raise interest rates as much as one percentage point this year to tame inflation. >> seems like a lot to happen in a year, but remember we'll still be below where we were on the federal funds interest rate before the pandemic started. >> reporter: 56% of americans are now invested in stocks, so what should average investors do in a volatile market >> long-term investments in the stock market should be five years or more. so you don't invest the money to build the deck, you don't invest the money to buy a new car, you don't invest the money to

generate your income when you retire >> reporter: as for thoez interest rate hikes we're expecting 3 to 4 quarter point hikes throughout the rest of the year however, the ongoing global supply chain problems extending all the way back to china may actually aggravate that and make inflation a longer term problem. back to you. >> tom, thank you. now the growing crisis along ukraine's border with russia 8,500 u.s. troops now on heightened alert waiting to learn if they'll be deployed to nato countries near ukraine as russia shows no signs of backing down despite threats of severe sanctions. chatman, good morning. so what more do we know about the response to this tense standoff

>> a very good meeting and that message of unity also echoed by the president of poland as well as the nato secretary-general the white house has discussions including economic and cost issues for russia as well as reinforcing security in nato countries, but biden has not made a decision yet in terms of deploying those 8,500 soldiers on high alert. the pent good-bye spokesperson john kirby saying, though, a dipl diplomatic solution is still possible take a listen. >> there's no reason for this to come to outright conflict. there's no reason for there to be another land war in europe. and that's why we want to continue to pursue a diplomatic path forward here. we don't believe that vladimir putin has made a final decision to launch yet another invasion or incursion into ukraine. we still think there's time and space for diplomacy. there's not going to be any pushing the united states out of europe we have a very sizable force

posture there. >> now, more talks are expected from between russia, ukraine, france and germany, potentially in paris as early as tomorrow. called normandy format talks after these talks were held between these countries on the side line of the anniversary of d-day in 2014 in normandy to discuss the war in eastern ukraine at the time. philip >> those talks for peace continue thank you. british tabloids are having a field day with the latest boris johnson scandal after learning of another gathering in which the prime minister apparently flaunted covid restrictions this one was johnson's birthday party on june 19, 2020, celebrated with cake at 10 downing street it is the fifth such covid rule busting event johnson has been accused of personally attending. the story was broken by britishixetv the prime minister's confirmed the report saying, quote, a group of staff working in number 10 that day gathered briefly in

a cabinet room after a meeting to wish the prime minister a happy birthday he was there for less than 10 minutes. federal investigators say they executed a search warrant at the chicago headquarters of the national pop up testing chain called center for covid control. the company faces a variety of consumer complaints. in addition to the feds, illinois, colorado, minnesota and oregon are investigating the company, which says it's working with authorities to shed light on what it called operational challenges during the omicron surge. the fda has taken two covid monoclonal antibody treatments off its authorized list for now. its a statement the agency says the data shows the medications made be regeneron pharmaceuticals and elie lily are unlikely to work well against the variant. if a future variant emerges it could be used again. >> reporter: for a nation on the brink of a covid catastrophe

clear signs of optimism in what appears to be the impending end to omicron's dangerous surge as cases continue their steep decline in pockets of the country. new infections are down 14% across the u.s the climb of new cases over the course of the pandemic reaching peaks and valleys, and now finally after omicron's unprecedented spike experts say the most serious threat may be over by next month >> we'd like it to get down to that level where it doesn't disrupt us in the sense of getting back to a degree of normality. that's the best case scenario. >> reporter: while omicron's wave may crest by mid-february, its wake is still rippling across the country every day more than 2,200 americans are still dying. 16 states hit later by omicron have cases spiking by over 100%. >> we have all reached the point where we're just so burnt out. >> reporter: many on the front lines are struggling to see the end to the spike

>> things are sort of an unprecedented levels, and the numbers of patients that we're seeing that require emergency acute care services is overwhelming our ability to really to supply those services. >> reporter: as the first free n95 masks arrive at select grocery stores and pharmacies in the midwest, americans are also starting to receive their free home covid test kits with millions more expected to arrive in the coming days tools aimed at curbing the pandemic coming as the nation hopes to turn the corner miguel almaguer, nbc news. president biden is making headlines when he was caught on mic cursing at fox news reporter peter ducey about inflation. take a listen. >> will you take questions on inflation then >> thank you, thank you. >> do you think inflation is a political liability ahead of the mid-terms?

>> that's a great -- what a stupid [ bleep ] >> last night peter ducey was on hannity and here's what he had to say about the exchange. >> within about an hour of that exchange he called my cellphone and he said it's nothing personal, pal, i made sure to tell him that i'm always going to try to ask something different than what everybody else is asking and he said you got to >> when hannity asked if mr. biden apologized, ducey said he didn't need an apology the future of college admissions is in the hands of the supreme court this morning justice will hear an appeal by opponents of affirmative action who say it discriminates against white and asian students nbc's brie jackson is in d.c. with the details >> reporter: this is the latest

politically charged issue to reach the high court and could uproot more than four decades of legal president. n one private and one public school both cases were fought on the same day in to14 by a conservative activist group. the court has repeatedly ruled that a student's race can be considered as a plus factor helping schools achieve the educational benefit of a more diverse student body, but two justices when ruled in favor of affirmative action in the past, anthony kennedy and ruth bader ginsburg are gone, succeeded by trump appointees likely to be more skeptical the court will hear the cases in the next term. >> different make-up, different dynamic in the courts. one hollywood actress is warming hearts both on and off the screen jennifer gardener decided to whip up a batch of cookies and deliver them to her local

emergency room workers posting the video to social media she encourages others to do the same and show local first responders, quote, some love as they continue to battle against the covid pandemic it is now for a look at your weather with nbc meteorologist janessa web. good morning, janessa. >> hi, good morning. the chill continues to be intact across the high plains, really going through it the last couple of weeks, and more canadian cold air is seeping in. this is actually coming in i want to move this map, and you can see from the midwest it's starting to make its way into this chicago area, ohio valley and i do think some of these advisories, wind chill warnings expand into sections of the east coast later on today so wind chills down to 50 below. that's the feel-like temperature on your skin, and that's going to continue for the midwest and even dipping into sections of the midatlantic. so right now we're seeing single digits with air temperatures definitely going to be dropping

throughout the day across the hi planeghs e spots. desert southwest a ton of sunshine, phoenix today a high of 68. next two days we'll watch this cold air, but a potential winter storm impacting us for the weekend. we'll take a look at that forecast coming up >> heading into february with that storm a sailor who died at pearl harbor more than 80 years ago was lades to rest on monday in texas. navy fireman frank nichols was 24 years old when he was killed in the line of duty during a surprise attack by japanese war planes in 1941 his remains were identified and returned to san antonio. he was finally buried with full

military honors. we'll check in with cnbc ahead. and our stephanie ruhle on the new irrus les you need to know in order to expedite your refund that's next. .. that's why more dishwasher brands recommend cascade platinum... ...with the soaking, scrubbing and rinsing built right in. for sparkling-clean dishes, the first time. cascade platinum. did you know that your fabrics trap more than just odors? they also trap bacteria. better get febreze fabric antimicrobial. its water-based formula penetrates fabrics to kill 99.9% of bacteria and it eliminates odors. spray it on your furniture, your rugs, your clothes wherever bacteria and odors hide. you can even sanitize your car seats! for a deeper clean and a freshness you'll love. try febreze fabric antimicrobial. sweet pillows of softness! this is soft! holy charmin! excuse me! roll it back everybody! charmin ultra soft is so cushiony soft, you'll want more!

but it's so absorbent, you can use less. enjoy the go with charmin. leading the news, tax season is officially under way and filing this way could be more complicated as there are new rules in place plus the irs is already warning about a major backlog and staff shortages. nbc's stephanie ruhle is here and has all you need to know this year filing taxes could be more complicated from how to fall to what to claim especially if you haven't received what you're entitled to >> the tax credit came and went, you never got any money. >> i haven't seen a dime of it yet. >> reporter: bridget gave birth to her son last march making her eligible for the monthly child tax credit she and her husband were banking on the extra financial help. >> i logged onto the irs website so many times this past year trying to figure out how to

apply. >> reporter: she never got it and plans to file her taxes as soon as possible to get that money as part of this year's refund >> this tax refund is one of the most important wind falls, probably the largest wind fall most of us get >> reporter: if you collected unemployment benefits if you were out of work in 2021 this year unlike last you're going to have to pay taxes on those benefits if you didn't get a stimulus check and were entitled to one, claim it on your taxes as for the child tax credit while parents may be owed money, there's a caveat >> you may end up owing more than you think, because if your income rose throughout the year, for instance, that would be a case when you may not get as much on your taxes as you think. >> reporter: and most importantly, experts suggest filing electronically especially if you want to get your refund faster stephanie ruhle, nbc news. >> tips after a quick break, a retired army sergeant is crediting the numbers from a fortune cookie foris h huge

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in today's news by the numbers, rapper cardi b was awarded $1.25 million after winning a libel case against youtuber latasha keith she filed the lawsuit in 2019 accusing the youtuber of making malicious and false claims about her. international stupor star bad bunny announced a 29-date tour it kicks off in orlando and set to make 15 stops in the u.s. philadelphia flyers defenseman keith yandle tied the nhl record health care break that record tonight when the flyers play the islanders. the streak started in march of 2019 many investors are hoping for a lot less volatility. will today be any calmer

let's ask cnbc's jeff cutmore. j geoff, good morning. >> short answer, frances and a very good morning to you, is no. yesterday we would have secured the worst start for the u.s. markets since 1920 if we'd stayed down 1,000 points on the dow, but we have the rebound there were a lot of bargain hunters apparently that went into the market on these lows, and then we closed the session in positive territory. but analysts say the markets will continue to be volatile and nervous as we go into this two-day federal reserve meeting, worries of course about when we start getting interest rate rises. let's talk a little bit about bob dylan. times they are achanging for the guru when it comes to at least his personal wealth. he has sold more rights to his music, this time recorded music

rights the 80-year-old expected to earn between 150 and $200 million in that sale to sony. so it may be close to the end of the line in terms of his music career, but he is still able to make plenty of money from his songs. back to you. >> and we're all still able to enjoy it geoff, thank you janessa joins us next with das forecast and a connecticut man goes on a racist tirade in a smoothie shop life is full of make or break moments. that's why it's so important to help reduce your risk of fracture with prolia®. only prolia® is proven to help strengthen and protect bones from fracture with 1 shot every 6 months. do not take prolia® if you have low blood calcium, are pregnant, are allergic to it, or take xgeva®. serious allergic reactions like low blood pressure, trouble breathing, throat tightness, face, lip, or tongue swelling, rash, itching, or hives have happened. tell your doctor about dental problems,

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today's top stories, a federal court has blocked alabama's newly drawn congressional districts map. state lawmakers now have to redraw the map to include two majority black districts instead of just one. the three-judge panel said in its ruling that, quote, black voters have less opportunity than other alabamians to elect candidates of their choice to congress the office of alabama attorney general steve marshal says that it will appeal the ruling. been granted to look into the 2020 election in georgia the georgia prosecutors investigating possible election

interference by former president donald trump and others. the special grand jury, which will have the power subpoena witnesses, will begin on may 2nd. a spokesperson for mr. trump did not immediately respond to our request for comment monday a man in connecticut is charged after a tirade at a smoothie shop. james hurled a drink and made an anti-immigrant comment to employees. police say he went on a tirade after blaming employees for a serious allergic reaction that sent his son to the hospital here's part of that exchange >> i'm calling the police. i'm calling the police >> [ bleep ] >> he's now facing a hate crime charge he was also fired from his job at merrill lynch his attorney says he regrets the incident wholeheartedly and his actions krd during an extreme moment of distress

a retired sergeant is now a mill an air after he won the lutry using fortune cookie numbers. he won $4 million in tuesday's mega millions drawing. he picked up a fortune cookie while having dinner with his wife and tried the numbers on a whim after buying a $3 mega millions ticket online he took home over $2.8 million after taxes. he plans on investing most of that money >> incredible. i think we all open that from time to time but not the same luck, though the nba is just past the halfway point of the season and the league is revealing whose jerseys have been this year's top sellers. laker superstar lebron james has been the most popular so far followed by steph curry and andre clocked in at 30 with kevin durant and -- rounding out

the top five absent from this top ten year the phoenix suns who currently hold the league's most record. performers perform dance routines as rehearsals are under way for th

i just want this to be a dream. >> now at 4:30, searching for answers. a fatal shooting in a strip mall leaves one man dead and a family grieving. ahead, how police hope to track down the suspect who shot him. >> plus, an emotional tribute for a cadet killed in a highway shooting. we speak with family and friends of david nguyen about how they are remembering him. >> and san jose passing a first of its kind gun control ordinance. the added fees gun owners could pay up in order to reduce gun