known for his work on seinfeld, modern family and boogie nights has died, he was 90 years old. i'm matt piper, cbs news, new york. it's tuesday, june 14th, 2022. this is the "cbs morning news." wall street woes. stocks nose-dive as inflation rises. what this means for your 401(k) and the message for americans who are close to retiring. he falsely told the american people that the election was not legitimate. millions of americans believed him. >> the big lie. the january 6th committee breaks down former president trump's false claims of a rigged election. this morning we have his response. yellowstone flooded. heavy rainfall shuts down all entrances to the national park as visitors are forced to evacuate. well, good morning, and good to be with you. i'm anne-marie green.

we begin with fears of a recession after a miserable day on wall street. investors remain worried over record inflation rates, the highest in 40 years. 401(k) plans are also taking a hit as the massive selloff continues. the dow dropped 876 points yesterday. the nasdaq lost 530, and the s&p tumbled into bear market territory. meantime, gas prices inched to a new record high overnight. $5.02 is the new national average. elaine quijano has more on the shaky status of the economy. [ bell ] >> reporter: the closing bell saved the markets from tumbling further. [ cheers ] the s&p 500 led the decline today falling to its lowest point this year with investors coming to terms with consumer prices rising at their fastest pace in 40 years. cbs news business analyst jill schlesinger -- >> when the investment community kind of took stock of things over the weekend, there was this

fear that in fact higher prices and rising interest rates are going to keep eating into corporate profits, and the consumers are not going to be able to maintain their current level of spending. >> reporter: the drop is the latest in a string of downturns for the markets. tech companies took the brunt. amazon lost $60 billion in market value. apple more than $85 billion, pulling the nasdaq deeper into bear market territory. and at the grocery store, food prices are up 10%. adding to the uncertainty is just how aggressive the federal reserve will be in trying to cool the white-hot cost of living. more economists are expecting a bigger move. three quarters of a point, the biggest interest rate hike since 1994. >> the fed of course has raised rates, but they've done so in anticipation of the economy heating up, not once the economy has already heated up. and this is a big difference. >> reporter: despite the

volatility, financial advisers say reacting to market downturns is not a long-term strategy. they say this is a good time, however, to make sure that your investments are diverse. and if you are close to retirement, they say you should consider working a bit longer to build up your savings like your 401(k). elaine quijano, cbs news, new york. former president trump is accusing democrats of trying to distract the american people as the house committee investigating the january 6th capitol attacks holds public hearings. in a 12-page response to yesterday's second hearing, the former president called it a kangaroo court, while rehashing his false claims of fraud in the 2020 presidential election. the committee showed how trump campaign advisers, government officials, and members of his own family tried to convince him that he had lost the election. naomi ruchim is in new york with the latest on this. good morning. >> reporter: anne-marie, good morning. the house panel investigating the violence from january 6th is trying to show that former

president donald trump embraced conspiracy theories rather than admitting he lost the election. and while several of trump's advisers tried to back him down, they say the former president refused to listen. on day two of the historic hearings, the house select committee worked to unravel former president trump's false claims of winning the 2020 election. >> donald trump lost an election and knew he lost an election, and as a result of his loss decided to wage an attack on our democracy. >> reporter: the panel of seven democrats and two republicans investigating the january 6th capitol attack played clips of mr. trump's unsubstantiated claims before and after election day. >> the only way we're going to lose this election is if the election is rigged. you can press a button for trump, and the vote goes to biden. what kind of a system is this? >> reporter: in a recorded interview, former attorney

general bill barr recalled the president showing him a report alleging voting machines were rigged. >> boy, if he really believes this stuff, he has, you know, lost contact with -- with -- he's become detached from reality. >> reporter: the committee asked questions about hundreds of millions team trump solicited on line after his election defeat. >> not only was there the big lie, there was the big rip-off. >> reporter: the committee pointed to millions in donations it says were funneled not to a legal defense fund but to the president's save america pac which would spend more than $200,000 on trump's hotel properties, $1 million to a foundation led by trump chief of staff mark meadows, and $5 million to the company that helped organize the january 6th white house ellipse rally that proceeded the riot. the committee is expected to hold at least five more hearings. the next is tomorrow morning. some committee members say they

have not yet decided if they will issue a criminal referral against the former president to the justice department. anne-marie? >> all right, naomi ruchim in new york. thank you. entrances to yellowstone national park are closed due to massive flooding and rock slides. days of torrential rain and melting snow runoff from mountains unleashed record flooding that washed out roads and bridges. some visitors were evacuated during the height of the summer tourist season. all five entrances were shut down to inbound traffic. nearby communities were also flooded. video captured the moment a house fell into the yellowstone river in montana. the entire park spanning parts of wyoming, montana, and idaho will be closed at least through tomorrow. and more than 100 million people are under heat alerts or advisories from the plains to the southeast as record-setting temperatures scorch much of the country. out west, hot, dry, and windy conditions have fueled more than 30 wildfires that have burned about one million acres across

five states. in southern california, firefighters are battling the sheep fire in rugged, steep terrain in the mountains northeast of los angeles. >> the helicopter was making drops until they couldn't fly anymore because of how erratic the winds were from the heat rising up through the atmosphere last night. >> it was intense. we thought it was going come up into our neighborhood here. >> the fire has burned nearly 1,000 acres and forced mandatory evacuations. it is 27% contained. in arizona the pipeline fire near flagstaff has burned more than 5,000 acres and forced evacuations. a 57-year-old man has been arrested in connection with that fire. coming this fall, school districts are ohio will have the option of arming employees. governor mike dewine signed a bill yesterday allowing education workers to carry guns on school premises after receiving just 24 hours of training. they also need eight hours of annual training. schools can provide additional training if they want to. dewine outlined other safety

measures including $100 million for school security upgrades. and police in texas shot and killed a man who fired shots at a dallas area gym where about 150 kids were attending a day camp. authorities say that the man fired a shot yesterday during a discussion with a staff member. he then tried to enter a classroom with children inside, but the door was locked. police say he then went to the gym containing kids. he died in an exchange of gunfire with officers. >> once we got upstairs, that's when we heard all the boom, boom, boom. they told us to get down. we stayed down. when it was clear for us, we looked out to see who it was. that's when i noticed that it was the guy that walked in right behind us. >> there is no word on a motive for the man's actions. coming up, remembering a hollywood character actor. we look back at the career of philip baker hall who made his mark on "seinfeld" as a library detective. later, kiss controversy.

why more than a dozen countries are reportedly banning the upcoming animated movie "lightyear." this is the "cbs morning news." "

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this good? perfect. if you're gonna work remote... work remote. find new workspaces. find new roads. chevrolet. u.s. health secretary xavier becerra has tested positive for covid for the second time in less than a month. a spokeswoman says the secretary woke up with symptoms yesterday morning and tested positive. she said that his symptoms are mild. he also came down with the virus last month while on a trip to germany. becerra was with president biden last week at the summit of the americas in los angeles. hollywood is remembering a veteran character actor, and some violent weather hit the midwest. those are some of the headlines on the "morning newsstand." the "chicago tribune" reports high winds and heavy rain swept through the chicago area. yesterday's powerful thunderstorm toppled trees and knocked out power to tens of thousands of homes and businesses. the roof of a three-story

apartment building in the suburb of bellwood was ripped off. wind gusts reached 84 miles per hour at o'hare international airport. a heat advisory is in effect today with temperatures expected to reach the upper 90s. "arizona central" says that former vice president mike pence called border security an american crisis during a visit to the state. pence, a possible 2024 presidential candidate, toured the arizona/mexico border yesterday. he said he wanted to call attention to issues there and said the biden administration has not done enough to secure the border. >> this is not an arizona problem. this is an american problem, and the american people understand that and understand that a nation without borders is not a nation. >> pence said the trump administration succeeded in ending the border crisis through its policies including starting construction of the border wall. and "usa today" reports on the death of character actor philip baker hall. hall, who is best known for

playing determined library cop mr. bookman on an episode of "seinfeld" died sunday in california. he also appeared in several movies including "boogie nights," "magnolia" and "argo." his first role was in the 1993 short film "cigarettes and coffee." philip baker hall was 90 years old. still to come, cocktail in a can. coca-cola and jack daniel's team up for a ready-to-drink concoction. concoction. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

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upcoming "toy story" spinoff. according to "reuters," walt disney has been unable to show the movie in some middle eastern and asian countries. the controversy stems from a scene that shows a same-sex couple who share a brief kiss. stars of the movie reacted to the ban. >> look, it's -- it's great that we're a part of something that's making steps forward in the social inclusion capacity, but it's -- it's frustrating that there's still places that aren't where they should be. >> every country needs to do what they need to do. we need to make the film that we think is the right film for us to make. >> "lightyear" opens in the u.s. on friday. analysts believe that it could earn more than $100 million during its opening weekend. there's a breakthrough for millions of americans who suffer hair loss, and amazon is officially launching its drone to your doorstep. matt pieper has those stories and more in the cbs "money watch" report. >> reporter: for those who suffer from alopecia, a treatment for it that restores hair has been approved by the fda. the drug is made by eli lilly, and it's already used for

rheumatoid arthritis. the oral pill drug regrows hair by blocking the immune system from attacking hair follicles. in two large phase trials, nearly 200 patients with severe alopecia had total or near total hair regrowth after 36 weeks. some 6.8 million people in the u.s. have developed alopecia. it's a promise amazon founder jeff bezos made nearly ten years ago. free drone delivery within 30 minutes. now it heads to the california community of lockford, northeast of san francisco. amazon says it developed a sense and detection system for the drones so they could avoid midair collisions and hitting things on the ground. drone delivery will be free for prime members and only those members can use the service. no word yet on when drone deliveries will begin. and coca-cola and jack daniels are teaming up to sell jack and coke in a can. it will be sold globally after an initial launch in mexico later this year.

they could be on to something as worldwide consumption in of ready-to-drink beverages jumped 26% in 2020 and 14% last year. the companies expect the jack and coke to be on shelves in the u.s. sometimes next year. that is your cbs "money watch" report for this tuesday morning. i'm matt pieper, cbs news, new york. >> sometimes pouring two things into one glass, too much work. just open it up. coming up next, the rolling stones get sidelined. why the rock band was forced to cancel a show in europe disappointing thousands of fans.

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officials met with members of brittney griner's wnba team, the phoenix mercury. the meeting yesterday was about griner's detention in russia and efforts by the biden administration to bring her home. griner has been detained in moscow since february when russian customs officials accused her of carrying hashish oil in her luggage. in may the state department reclassified her as wrongfully detained. >> there's a lot of things involved to getting her home and safe. it was just nice to hear that the people at the top are working relentlessly. wehere to dohatever we canto am on thingwe want to do >> the mercury are in washington to play with the mystics tonight. mick jagger tested positive for covid. the 78-year-old rocker experienced symptoms after arriving at a stadium in amsterdam yesterday ahead of a concert. the rolling stones had to postpone the show, leaving their fans already in the stadium shattered.

the rocker said that he's deeply sorry. coming up only on "cbs mornings," adam mosseri, the head of instagram, reveals new tools for parental control on the social media app. tools for parental control on the social media app. from prom dresses to workouts and new adventures you hope the more you give the less they'll miss. but even if your teen was vaccinated against meningitis in the past they may be missing vaccination for meningitis b. although uncommon, up to 1 in 5 survivors of meningitis will have long term consequences. yre thiab all the ccines n migh ma sure you ask your doctor e ty beans.ou ne bra for hair, skin and nails. with two times more biotin to bring out more of your inner beauty. nature's bounty. live bountifully. what makes febreze car vent clips different?

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our top stories this morning -- all eyes are on wall street after the market fell sharply again yesterday. the s&p 500 tumbled into bear market territory following 20% below its record high early this year. nervous investors fearful of a recession are waiting to see how much the fed might raise interest tomorrow to try and curb inflation. and former president trump

issued a 12-page response after the house committee investigating the january 6th attack on the capitol held its second public hearing. trump called it a kangaroo court while rehashing false claims of fraud in the 2020 presidential election. the committee played recorded testimony from former attorney general bill barr saying trump was becoming detached from reality when he tried to hold on to power. a new study released how much exercise teenagers need every day to stay healthy, and it may not be as much as you think. ian lee has the story from london. nice and slow to begin with -- >> reporter: 13-year-old kitty is doing a health check. >> that's it. keep this up. >> reporter: completing a nonstop 20-yard shuttle run. >> good work. high five. yeah. well done. how was it? >> it was hot, but bearable. >> reporter: that's exactly how researchers from oxford university say it should feel. their new study revealed children benefit from spending 20 minutes a day breathing hard and getting red in the face.

>> we really do recommend that children and adolescents get into these good habits of exercise frequently. >> reporter: researchers tested activity levels of more than 300 kids and found short bursts of panting and sweating were enough to improve physical, mental, and cognitive health. while the world health organization says children should get 60 minutes of moderate to strenuous exercise a day, oxford's lead author found less is more if you go harder. >> do need to get hot and sweaty but only for about 20 minutes at >> reporter: researchers say the fitness benefits of grueling workouts plateau at about 20 minutes. they encourage kids to find an activity they love to do with friends, and kitty agrees. >> i think when you do it together you can motivate each other. and you want to do well with your friends. >> reporter: kids helping kids to become healthy adults. ian lee, cbs news, oxford, england. well, coming up only on "cbs

mornings," adam mosseri, head of instagram, will reveal new tools for parental control on the app. the editor-in-chief of "food and wine" shows game changers in the hospitality industry. and author elin hilderbrand drops by to tell us about her new novel, "the hotel nantucket," which debuts today. that's the "cbs morning news" for this tuesday. thanks for watching. i'm anne-marie green. have a great day. ♪

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