At least 5 police officers wounded in Philadelphia shootout

Dozens of police officers faced off against a gunman barricaded inside a home on a residential Philadelphia street, with at least five sustaining non-life-threatening wounds.
2:28 | 08/15/19

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Transcript for At least 5 police officers wounded in Philadelphia shootout
but we begin with several officers shot. The scene unfolding now. A hostage standoff in Philadelphia. The images coming in late today. Police called to the scene of an active shooter. S.W.A.T. Teams taking position. Officers pinned down by the gunfire, several shot. All of this is still unfolding tonight. Gio Benitez leading us off. Reporter: Tonight, Philadelphia police officers you under siege. A gunman inside a home, the neighborhood on lockdown. The first shots fired around 4:30 P.M. We're pinned down. Reporter: At least six officers shot. You can see the bullets ricocheting off of nearby homes just feet away from the officers taking cover behind parked cars. We have an officer shot, and they're still being shot at. Reporter: Police seen rushing their wounded brothers out of the line of fire and into cruisers. This officer hit in the leg. And listen to this. Send additional cars immediately. Reporter: Gunshots heard in the background. All of it playing out on live TV. A tense situation. Reporter: The city's elite strike force moving in with an armored vehicle. Residents reporting hearing more than 100 gunshots. Gio, we're just learning why the officers were responding at that home? Reporter: That's right. We're learning they were trying to serve a narcotics warrant at that home. Police often tell us that serving a warrant is one of the most dangerous operations. We're seeing that play out in Philadelphia. Gio, thank you. The other major story, the steep drop on Wall Street. Closing down more than 800 points, and the warning, the key indicator that happened today that has foreshadowed recessions before. An inverted yield curve, when the yield on a 10-year treasury is lower than the 2-year note. The last time this happened was in 2007, just before the great the Dow down more than 3% in one day. President trump tweeting it's not the trade war with China. Instead, blaming the fed

This transcript has been automatically generated and may not be 100% accurate.

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