epf the way to achieve it. ♪♪ we start with that breaking news from wall street. stocks are in a bear market for the first time since the start of the pandemic. why? inflation concerns and the potential of a recession here at home. you can see the dow, the s&p, the nasdaq all down. our economic team is standing by to put this into perspective for your wallet and for your investments. the market roller coaster ride coming as president biden visits allies in asia, highlighting the push to fix the global supply chain problems that are adding rising prices from cars to coffee. and our new reporting on former attorney general bill barr now in talks with the january 6th committee about potentially testifying in front of those investigators. and why ginginni thomas is k

in the headlines with new ema s trying to overturn the legitimate 2021 results. good to be with you on a friday afternoon. along with seema moody, mike memoli, and ron insana. seema, a significant milestone. this bear market territory that the markets have now touched at this point. something the experts have been predicting for weeks. it's here. tell us more. >> the earnings story continues to get worse. big names like target, walmart, ross stores confirming inflation concerns. today we heard from john deere, which is struggling with supply chain issues and procuring the parts it needs to fulfill the strong demand it's seeing from farmers, and it follows a sharp rise in wheat and soybean prices.

shares of deere down 15%. we have not seen this price action in two years. there's other names like coca-cola, kroger, down 7%, 8%. this while oil prices continue to rise now above $113 a barrel, which means gas prices are up a bit more. i guess the broader conclusion one can draw is that the earnings story in a way is confirming what some economists have been fearful of, which is an accelerated slowdown in the economy. >> we've seen the s&p dipping into bear market territory. is it only a matter of time before the dow and nasdaq follow suit? >> we'll have to see. the earnings story next week will provide more clarity. we'll hear from names like dollar general, nordstrom, best buy. the color we hear from executives on what they're seeing from consumers across the nation as well as some of the names that perform outside of the u.s., that will provide that level of clarity that investors want on how strong the consumer really is. >> thank you.

mike, you're in south korea with the president. the economy may be a domestic story but it has international implications, there are international triggers for why the u.s. markets are in the position they're in the president biden, while he is working on the relationship with china, japan, south korea, et cetera, he's also really focusing on the economic issues back here at home on this trip. >> some of the major economic challenges like the expansion of asia and even what's happening in ukraine. i thought it was significant, the first stop after the president got off air force one in seoul was to talk about the economy back at home. visiting a samsung manufacturing plant here, talking about they'll be expanding their operations in the united states,

creating 3,000 jobs. the president arguing the policies he's been pursuing, the alliances, the importance of strengthening economic ties in the region will help avoid the economic disruptions that have led to some of the inflation challenges we're seeing by making more things in america. this is a white house that knows full well the numbers that are out in our new nbc news poll this week. 75% of the country feels like we're heading in the wrong direction. a third of americans giving the president strong marks on the economy. the president starting his trip in south korea talking about the economy. he'll be making an announcement about a new auto plant in georgia on sunday, book-ending his important meetings on international challenges by focusing on the economy back at home. >> thanks. ron, help us put this into perspective. we had a short bear market at the start of the pandemic. how is this different? >> that was a 34% decline in the s&p 500 in 21 trading days. this has been going on almost five full months. this is the longest downward

stretch in stocks since 1923. we are in a bear market no matter how you want to measure this. the nasdaq is down 30% from its all-time high, the dow is down 15%. average stock down 27% to 30%. if it walks like a bear and sniffles like a bear, it's a bear. the fact that the s&p just touched 20% from its all-time high is a semantic issue. the fed is raising interest rates. inflation is still sticky. supply chain being disrupted in china, russia and ukraine. food, energy, auto prices as you have outlined are going in the wrong direction as far as being supportive of the stock market. we're in a bear market. it will take some time. i personally think the fed has to stop raising interest rates before the market can sustain a meaningful bull market move. >> when will we know what they do? when is the next meeting? >> we have -- they suggested we'll get two more half point rate hikes in the next two months, then possibly slow that

down to quarter points for the remainder of the year, getting the short-term rate that they control close to 2.5% by the end of 2022. >> real quick, message to people looking at this, who have 401(k)s or what ever in the markets. is it don't freak out? if you're in it for the long term? >> yeah. that's critical. if you're just committing the same amount of money to your 401(k), ira, on a regular basis, you have 10, 20, 25 years until retirement, you don't blink. if it was money for a down payment on a house, emergency savings, it should have never been in the stock market in the first place. >> we'll check back on the markets before the closing bell to see where things end up. appreciate it. turning to the building behind me, capitol hill, with two new developments in the january 6th investigation. a source familiar with the select committee work work is telling nbc news lawmakers got their hands on a bunch of official photos from the national archives, this includes

pictures from january 6th, and could show former president trump's actions that day and the days leading up to the insurrection. this is one of the key questions investigators want to know, what was donald trump up to? we're learning the former trump attorney general, bill barr, is in talks about testifying. we're joined by peter nicholas. glad to have you on the show. talk to us about these official white house photographs. this is among the tranche of records that team trump did not want the january 6th committee to get their hands on. they ultimately lost that legal fight. >> that's right. because we're talking about photographs that come from the national archives, the official trump white house photographer's photos included in this tranche of pictures that the committee has its hands on. it goes to show us both an insight into what the committee is looking at from the national archives. it goes far beyond documents, though those are of critical importance as well. it also gives us a sense of

potentially what these public hearings could look like. what committee members have said to me over the last few months as we've been talking about what could public hearings look like? what new will you show us? in this case it could mean, yes, video. but many of us have seen the videos from that day. it also could mean that when they're telling this visual narrative, they're using photographs that could juxtapose what the president was doing at the time of the insurrection with what was happening here in the halls that i'm standing in over a year ago on january 6th. it does serve to give us insight into what the narrative setting might look like. of course it also comes against the backdrop of more letters going out to congressmen here, talking about what the committee might want to hear from them. it's all to the end of tying up these loose ends before they move into that public hearing space just a few weeks from now. >> peter, let me go to you. you have this new reporting that bill barr, the former attorney general who resigned at the end of donald trump's first term might be ready to cooperate with

the committee. what can you tell us? >> well, what we've learned is that bill barr is being asked by the committee to come and testify. he would have important testimony. he was in the room, he was in the white house with donald trump when donald trump was pressing him about whether to investigate allegations of vote voter fraud. bill barr looked into it and said they had not found anything to overturn the election. trump was upset about that. at one point, barr offered his resignation and trump said accepted, but then barr was talked out of resigning. barr was a trump loyalist and had a falling out over the 2020 election. january 6th committee wants to know about that and hear from bill barr and what he told trump about there not really being

enough evidence of fraud to prevent joe biden from becoming president. >> peter, what is next for the investigators looking at the january 6th documents? we know the public hearings are just a matter of weeks away, right? >> yeah. so, we'll have a series of public hearings beginning next month. there will be eight hearings. the committee wants to tell a story from start to finish. they want to tell people not only what happened on the day of the riot at the tap toll, but also what led up to it. part of this is how the election lie got promoted, how it got circulated. and the hope from members of the committee that i talk to is that this will prevent maybe -- make such an impression on the public that it could prevent another january 6th. it could impress upon people how close we came to losing our democracy on that day and what steps are needed to be taken to make sure it doesn't happen again. >> thanks to the both of you for being on. still ahead, russia plans to

drop age requirements for people to serve in the military. we'll talk about the impact that might have on the war in ukraine. and new york is set to move a step closer to a new congressional map today. one that could pit two of the most powerful house democrats against each other. some black lawmakers say the new maps would make jim crow blush. and early voting ends today after record-setting turnout ahead of tuesday's primary when we'll be on the road. we're talking about that in a minute. te miss allen over there isn't checking lesson plans. she's getting graded on her green investments with merrill. a-plus. still got it. (whistle blows) your money never stops working for you with merrill, a bank of america company.

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. today, the last day of early voting in georgia with tuesday being election day for a big chunk of key primaries. among those races, georgia republicans set to choose between their incumbent governor, brian kemp and david perdue, former senator, a guy backed by former president trump. we'll talk about that aserisk

in a second. all the final polls show purdue leading by double digits, and this is not sitting well with the aforementioned donald trump. sources say he will not appear with or be super vocal in supporting purdue in the final home stretch of this cane. i want to bring in blayne alexander and tia mitchell. the early voting numbers from georgia show high interest. it is a data point that shows just how high the interest is in these midterm primaries. >> it is showing record breaking interest across the board. from the very beginning of early voting, the secretary of state's office shows we have record breaking numbers in terms of turnout. the line behind me tells the picture. i'm at a precinct in south fulton county, this represents what we've been seeing throughout the day, a steady trickle of people inside. they're not deterred by what

some say is an hour wait to cast the ballot. they're not deterred by the 85 degree temperature in georgia. i should note under georgia's new law it's a crime for outside people to come in and hand water to these people. this is just one snapshot. the full picture are those numbers we've seen from the secretary of state's office. more than 700,000 people have cast ballots over this period. that far eclipses what we saw in 2018 and in 2020. here's what one voter told me today about why it's important for them to come out early. take a look. >> i wanted to make sure that my voice is heard. i know there are traditionally long lines on election day. whenever there's a break in my schedule for early election, i try to take advantage of it. >> well, because next week will be a mad house. there will be a lot of people here. the way my job is, i don't know whether i'll be available. i'm on call. they could call me and i may have to go out of state.

so i don't know. when i have the opportunity, i take it. >> so, again, people are very enthusiastic on both sides of the ballot. this is a democratic area, most of the people i spoke to when it comes to the gubernatorial race, they're supporting stacy abrams but enthusiastic to cast their ballot. on the republican side, that's where we see that heavily contested primary. numbers show that more republicans have come out than democrats and it's likely because of all the fire we're seeing on that side of the ballot. >> you know this area well. you know this state well. you live there, you're our person on the ground here. what is standing out to you about what we should be watching for this race? we know the numbers, but there's some other interesting races going on in the state, too. >> that's the secretary of state race. that's one we should be watching. kemp/purdue, the numbers show the governor has a 30-point lead over his challenger, former senator david perdue, unless something strange or unexpected

happens, he's expected to win that race. the closer race is the one with the other trump-endorsed challenger. that's congressman jodie heist, she is set to go up against brad raffensperger. the two are very close. we're talking about a two or three-point difference between the two. and 2020 is the main issue. when i spoke to voters, it has been a split, those in purdue's camp say they still have questions about 2020. one person told me she knows the election was stolen. it's still a main issue here. there are others who say they're focused on the issues and that's how they're casting their ballot. >> blayne alexander, we'll see you tuesday when we take our show on the road. tia, you have this new piece out in the ajc titled where in the world is david perdue. he's not on the air. his campaign is not spending really any money on ads, he

almost disappeared from the campaign trail. ratcheted down campaign appearances. we know donald trump is not coming to throw him a lifeline any time soon. what's up? >> yeah. you know, david perdue, after we wrote that item, did announce some public appearances, but still small to gop county groups. it's not what you would consider a campaign that's roaring into election day. very different than governor kemp who is holding bigger events with big name surrogates coming to campaign with him. as you mentioned, it looks like donald trump is starting to manage expectations and withdraw a little bit from former senator purdue because he doesn't like to lose. that's what looks like his endorsed candidate, ma might happen on tuesday. again, you know, it's not over until it's over, but all the signs are indicating that not only are the polls showing us

that governor kemp is going to win, but reading the tea leaves from the purd campaign and from the former president, it looks like even they don't think he has much of a chance now. >> what's interesting here, and think about the broader complex, thinking back to 2020, this is a state where top officials, republican officials resisted the overtures from then president trump to overturn the results of the legitimate election. not just the governor but the secretary of state, brad raffensperger, the attorney general there, too. yet donald trump has come in and endorsed some competitors to those people. is this a sign to you or do you see this as perhaps a referendum of how voters are feeling about the fraught relationship that the former president has with state officials? >> what we're seeing in georgia, i don't think the election itself is a referendum on the

former president, but the election itself is highlighting that there are limitations to the trump effect even among conservative voters. governor kemp worked very hard to make the case as to why he should get a second term in georgia. he's focused on conservative bread and butter, gun rights, limiting abortions, cutting taxes, giving georgia taxpayers refunds and rebates and things like that. so, he's been able to overcome that criticism and that opposition from former president trump. that's the same thing that we see secretary of state raffensperger attempting. so it's showing that in these races that trump alone is not enough to bring -- to sway a primary. he can help if it's close, that trump endorsement may help. there are still about a third of

republican voters who say that the trump endorsement does -- is a factor in how they vote. thatmeans a lot of other republican voters are looking at the candidates and the issues. depending on what we find out on tuesday, it could send a message to the national party that there is a way to field candidates, to field a slate that doesn't require loyalty and consent in the co-sign of former president trump. >> good to see you. thank you very much. coming up, new details showing how ginni thomas pushed some state lawmakers to overturn the legit 2020 election. the "washington post" reporter who broke that story will join me coming up. and how russia is starting to retaliate against finland because of its attempt to join nato. we have a lot coming up. what goes on it. usually.

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put economic hardship on the west. finland's state-owned gas company saying russia will stop giving them gas starting tomorrow. interesting timing. probably not coincidental because literally this week finland and neighbor sweden announced plans to join nato. let's talk about what's happening on the battlefield. you have russia continuing to solidify its control in mariupol. more than 1,900 ukrainian soldiers who were the last hold-outs in that city have surrendered. i want to bring in matt bradley live in kyiv, ukraine. talk to us about the latest on what's happening on the ground. >> we just heard from a state-owned domestic russian news agency saying they finally have full control of the city of mariupol. we heard things like that before and we have not heard anything from the ukrainian side confirming that, so we don't know for sure, but really it's only a matter of time.

we already heard there were nearly 2,000 ukrainian troops who had been evacuated, had effectively surrendered to the russians from underneath that azovstal steel plant. we have not heard the ukrainians admitting they lost control of mariupol, but for all intents and purposes they have, and there would no way of them to take control from just the basement of that steelworks. the city has effectively fallen and we could see russian troop the move from that city to other areas. >> matt bradley, thank you very much. we have more to get to on the show, including back here in the u.s., new reporting that ginni thomas, the wife of supreme court justice clarence thomas pressed arizona lawmakers to reverse the 2020 loss. here's what the post is

reporting. ginni thomas emailed two lawmakers in arizona, less than a week after the presidential election, and she said they needed to block what she says was a fraudulent vote. remember, it was not. she says she was pushing them to choose a clean slate of electors. i'm joined by the author of that report, emma brown, the "washington post" investigative reporter. thank you very much for being on and thank you for being with us this afternoon. >> thank you for having me. >> what about ginni want from these lawmakers? >> on november 9th, just two days after many media organizations had called the presidential race for joe biden, she sent this sort of form email to two lawmakers in arizona saying you've got to stand strong. don't fall prey to the pressure from the media. you have the awesome power, she said, to choose the slate of electors that will come from arizona. in context, she doesn't say trump or biden at all, but in

context she's saying set aside the popular vote victory that joe biden has just won and send trump electors instead. give trump arizona's 11 electoral votes. >> what has she had to say in response to your reporting? >> she has not commented to us about this report. neither has her husband, justice clarence thomas. of course, you know, this underlines questions that have already been out there since the post broke the story about text messages she sent to mark meadows about the election. she said at that time, look, my work is totally separate from my husband. but those messages showed how she felt about the election, showed that she felt trump was the true winner. what the new emails show is that she was personally part of this pressure campaign on state lawmakers to disregard the popular vote and send trump

electors to washington. >> it shows the level of involvement she appears to have had. you mentioned justice thomas and she said their lives are separate, they handle things separately but this still raised questions. we have not really heard from the court on that. i guess the expectation is we probably won't. is that fair to say? do we know? >> justice thomas has not commented on this. nor has the court. of course, the court is under a lot of pressure and scrutiny right now, in part because of the role that ginni thomas played after the election, in part because of the leak of the roe v. wade draft opinion. i don't know what we will hear from the court. i think there will be a lot of questions about whether justice thomas faces a conflict. >> emma brown, thank you very much. great reporting. appreciate you joining us on the show. coming up, nbc news

exclusive reporting on whether the federal government can handle an influx of migrants if a judge allows a controversial border policy to end come monday. we'll take you live to texas next. and the dow about to close it out in the red for a seventh straight week. we're keeping an eye on that for you. stay with us. ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks it gets a little old. i really should be retired by now.

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top dhs officials worried about what happens after title 42. they may not have enough money to handle the expected influx of migrants across the southern border if the policy lifts on monday like the white house wants. three senior officials saying they shared this concern with the white house and could face a $2 billion shortfall. julia, tell us more about what you learned. >> it's interesting, this is part of internal planning documents at dhs right now. they're mapping out exactly how much money they would need if numbers got as high as 18,000 a

day. that would mean they would need, they think, as much as$2 billion to cover costs, money not in the coffers now. it's not just about money. you would have a backup at the border. migrants wouldn't be able to get from the border to courts within the interior of the country where they make those claims for asylum. we would see people backing up in shelters, we would see those images like we saw last fall, almost 100,000 migrants under that bridge. right now they're having discussions in dhs and voicing their concerns to the white house. they say even if the numbers don't get as high as 18,000, they need to put the planning in place now because you can't build a shelter overnight. you can't start a new bus route, get a new plane going to taking people inside the interior of the country. all those things take planning now, take funding now before this surge could potentially cripple the agency.

>> julia, thank you very much for that reporting. right now, julia is talking about title 42. officials across washington and along the southern border are waiting for this decision from a judge on that, it's a decision that could come any minute. this is the policy put in place during the trump administration. it lets the government more quickly expel migrants. it was put in place because of the covid pandemic. right now, the order is set to be lifted by the biden administration monday. let's bring in sam brock live from eagle pass, texas. good afternoon to you. >> good afternoon. you look behind me right now, you see this barbed wire, that's been an addition by the state of texas trying to funnel migrants coming across the rio grande. this is just one of the trappings on the ground. border patrol is out there in boats manning this area and patrolling the water. we've seen more facilities going up from the federal government because they're trying to figure out where they'll house these people.

there was a crisis at the border. one thing i'm hearing both locally in terms of people on the streets and businesses, but certainly maverick country, for example, where i am now, they don't have the resources -- forget about the immigration resources component of it -- to maintain health care, education, law enforcement, all the service that come along with people by the tens of thousands coming into the country. these states, the 24 that are suing the federal government, are concerned we do not have the financial resources as julia was just describing to deal with this. i will tell you right now, as i'm standing here talking to you, there's a family of four, five people that i just saw maybe a couple hundred yards down the river trying to cross right now. they're holding hands. it looks like parents and a couple of kids. one person has a bag they're holding above their head. it's incredibly dangerous. according to local officials here, 25 drownings last week in this river. there was a pregnant woman four days ago according to the sheriff who drowned. two days ago, three or four other individuals. this is happening on a regular basis. this is coming as there are

7,400 people trying to cross the border on a daily basis. that figure, according to dhs may escalate to 12,000, 14,000. back in april, 230,000 plus crossings was a record. that beat the march record. if you look at 12,000 to 14,000 people a day, that's 360,000 to 400,000 human beings trying to get on to this side of this divide, on to u.s. soil. you just talk to people here, some are grateful they're touching the ground and others say president biden, please listen to me. i'm here for my family, we heard from one mother earlier today, she will be on "nightly news" this evening, she said i cannot do anything other than fight for my kids right now. listen to me, we're sacrificing for our families. i left everybody back behind in colombia. one other point, there is a new evolution to this, in april, for the first time, more than a majority of people who came here actually stayed in the u.s. they were not expelled. that's the language in 42, but there are exemptions if you're

here as an unaccompanied minor, as a member of a family. countries like cuba, venezuela, haiti, they're not taking those migrants back. you have more people accumulating in the united states right now even as there are so many questions over whether or not title 42 as a policy, whether you think it's immigration related or covid related, will stay in place. we're all waiting to find out what is the playing field going to look like and what sort of resources will the federal government be able to supplement local governments here with because it's clearly at crisis level. >> sam brock, we'll look for more of your reporting tonight. appreciate it. coming up, a congressional map that would make jim crow blush. that's what new york congressman hakim jeffries is saying about his own state's redistricting. that's coming up. and a breaking news update on a wnba star held over in russia. we have new brittney griner news. we'll tell you about it.

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department on wnba superstar, brittney griner, she's being held in russia right now. she's currently detained. now, just in the last couple of minutes, a state department

spokesperson is telling reporters that u.s. officials at the consulate were able to visit griner in a russian jail on thursday. so just yesterday. this was the first time they've been able to do that since back in february. griner was arrested that month on charges that she brought cannabis oil into the country. the u.s. government declared her wrongly detained. let me bring in ken delaney who is following this for us. it sounds like the takeaway from the state department is that she's doing well under the incredibly difficult circumstances. >> that's right. those were the words of the state department spokesman, ned price. he also said this was the first time that brittney griner had been granted a consular visit by american diplomats as she's in russian custody. he said one visit is not enough. he called on russia to fulfill its obligations under international treaties to grant her access to counsel and her

embassy officials in russia. as you mentioned, it was very important that the united states declare that she was wrongfully detained. that is sort of polite language for a state-sponsored hostage. right now they're doing everything they can to put pressure on russia to get her back. obviously the united states and russia are not having very many productive discussions these days. >> what's interesting, there's news out now about an american who had been detained in russia, held in russia, imprisoned in russia. that is trevor reed, who is talking about the conditions as he was behind bars, describing how horrific they were, describing the sheer horror of having spent time in this russian prison. you look at what's happening with brittney griner, and the idea for a couple months there was the sense that maybe the wnba, her agent, people close to her, family and friends weren't going to say too much because there was hope for being a diplomatic solution. that changed when this wrongfully detained language

came out and the u.s. made that declaration. we heard from the nba commissioner, adam silva, who said there is no bigger priority for the nba than this. we heard from the wnba. i spoke a few weeks ago with a friend of brittney griner who said they are trying to be there for griner's wife and her family during this difficult time. she has a court date coming up soon or just happened. we don't know when the end is in sight for griner and her release. >> that's right. and that's the nightmare scenario, that she's convicted to a lengthy prison sentence under whatever circumstances the charges were that she was arrested under. then the united states is faced with this prospect, which they are engaging in in these kinds of negotiations. russia does this because they want russians who are detained in the united states to be freed. and they are putting all kinds of pressure on the u.s. government. these are not equivalent cases. in many cases these are people

who have been conducted under lawful charges and imprisoned in the united states. the biden administration is faced with a difficult choice about, you know, what kind of compromises they're willing to make in cases that were adjudicated an american out under very questionable circumstances in russia. >> ken delannian, thank you for the breaking news update. appreciate it. we'll keep an eye on that story and we are watching this one related to domestic politics and the congressional map in new york. saying it could jeopardize their spots in congress and disenfranchise who they represent. the one you're seeing here drawn up by the democratic-controlled state legislature. it didn't take long before new york ruled against them calling the maps unconstitutional. instead of sending the lawmakers back to the drawing board, the court appointed an outside independent math maker to finish

the job. so this math maker also known as a special master went about his task releasing this map early this week that was met with a -- say, less than enthusiastic response from lawmakers especially ones from the congressional black caucus like hakeem jefferies. >> now they're trying to move the table, drawing a congressional map that robs us of power and takes a sledgehammer to black districts. it's enough to make jim crow blush. >> you can probably figure out why he's so upset. it means multiple democrats have to gear up for an intense primary fight against each other. veteran members of congress in a surprise matchup. black lawmakers representing neighboring districts and the powerful leader of the national campaign arm, congressman sean patrick maloney having to choose whether to run against two black

freshman democrats. he is set to release a finalized map at some point today. i want to bring in john allen who is following this for us. like, it's drama, john. that's just what it is. >> it's political blood sport survival here. what happens with new york has been happening every decade for a long time now. its population is not keeping pace with the rest of the country and losing in every decade and incumbents in congress are forced to run against each other and in some cases choose to run against each other rather than taking a risk with some in the other party with the campaign committee who is white. he wants to run in a district that is represented by congressman mondir jones which is black. he will run against jamal bowman, another african-american lawmaker. this is not the only district, by the way, where there may be a

mess among democrats. you could see several other member scripts squaring off and new opportunities like the one with bill de blasio, the former mayor of new york running for congress in the new tenth district in new york. >> there's also sean patrick maloney and the campaign arm of the house. congresswoman alex and alexandria ocasio-cortez he shouldn't resign, he doesn't need to. give us a gut check on the fairness or unfairness of the situation here. >> what i would say, hallie, without judging it entirely is one of the reasons people get power is so they can use that power. in this case, maloney is using his power as chairman of the dccc who will have data analytics teams working for him already to pick the district that he wants. one that is more heavily

democratic and force congressman mondair jones to run against the juggernaut of maloney as chairman of the dccc or jamal bowman. maloney could decide to run against a republican. could try to decide to win a democratic seat in a tougher district, but has not chosen to do that and wants to have his cake and eat it, too. >> john allen, one we'll be watching for sure. >> we are now six minutes away from the close of the trading day on wall street, and it is red across the board. now officially a bear market for the s&p down more than 20% from its record high from january. we are lucky enough to have contessa brewer. so glad to have you on the show. help us understand what this means for the next several months and the next year, let's say. >> you know, people are probably

looking at their 401(k)s and just having a gut-clenching moment, but it's the first time we've seen this dramatic decline since march 2020 when the pandemic closures began in earnest in the united states. we're seeing the dow off just partially off a percent today, but 4% for the week and this is an eight-week losing streak. we haven't seen that, hallie, since 1923. the s&p off 5% for the week and the nasdaq off 67% and they're on seven-week losing streaks and it coincides with a dramatic rise in inflation and consumers are paying for food, housing, services, you know that. the federal reserve is trying to tackle these skyrocketing costs raisings interest rates half a percent with more hikes likely this year. the market is digesting that and the high value growth and technology stocks have really been dealt the hardest punches.

nearly every other sector has seen significant decline except for energy which is the only sector hit positive year to date. you saw deere falling 15%. it missed earnings expectations. caterpillar was down more than 5%. industrial companies like deere and caterpillar are often seen as signals for the global economy. so the big question now on investors' minds, how much worse can this get? experts are telling cnbc likely we should buckle up for a bumpy ride. average bear markets last nearly a year. this one started in january following those record highs for the market so we could have months to go here, hallie. >> contessa brewer, thank you very much for the breakdown. i appreciate you being on. that does it for us for this hour. thank you very much for watching. we'll see you monday. for now, "deadline white house" with nicole wallace starts after the break. nicole wallace startr the break.

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