Transcript for Stock market to open after worst 2-day slump since 2016
In his address president trump mentioned the stock market surged during his first year in office but Wall Street is opening this morning rigding its worst slump since mid-2016 and Rebecca Jarvis is here and good morning. What is behind it. Good morning. Yeah, so Amazon teaming up with JPMorgan chase and Berkshire Hathway had an impact on health care companies and insurance providers because these company, Amazon leading the way are teaming up to create their own independent health care company and, Michael, whenever Amazon introduces itself getting into a new category, there's a lot of fear in the market of what that could do to the pre-existing companies. We saw it in the book space when Amazon got in there and crushed the competition. Always the fear they'll do it again? Afraid they'll take it over. What is the big picture impact of this drop? You look at these last 24 hour, it's a drop in the bucket compared to what's happened over the last year. The Dow up 31% over the last year. Worldwide stock markets have surged over the last year and if you look at that typical 401(k), over the last year, Michael, it is up almost $25,000. Pretty good. Good money. For anybody who has money in the market. That helps them. Another big headline, apple. Yes. Under investigation slowing down the iPhone. Yes, so we spoke to Tim cook about this a few weeks ago when I spoke with him. The company has been facing backlash over this question of slowing down their phones in order to help with battery issues. Now the doj and S.E.C. Are reportedly looking into it. When I spoke with Tim cook he apologized and reiterated that apology from the company. All right. Thank you, Rebecca. Appreciate it.
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