How are we doing today? Everyone feeling a little better? With clearer eyes and some of yesterday's dive recovered, let's take a closer look at what's going on in the stock market. We'll talk about algorithmic trading, bonds and the international market. Plus, don't forget there's a whole other storm brewing: We're two days from another potential government shutdown.
It's the Dow's biggest single-day point drop on record. We're starting off today's show with some context: What we know, what we don't and how serious to take it. Then: If you've ever had Wonderful Pistachios, POM pomegranate juice or Halo mandarin oranges, you're familiar with The Wonderful Company, which operates one of the largest farms in the world. Despite record droughts in California, it actually increased yields. Plus: Economic theory says the Eagles' first Super Bowl win last night was more valuable than what would have been the Patriots' sixth. We'll talk about why.
You hear us say it all the time: The stock market is not the economy. That's especially true today, as the Dow took a steep dive just after a really great jobs report. We'll talk about it on the Weekly Wrap. Then: We're gonna dig into wages, because the 2.9 percent growth we saw last month was a big deal after years of stagnation. Plus: When you watch the Super Bowl this weekend, take a look at the owners boxes: full of white guys, like nearly every team in the NFL. But why?
With all the drama in Washington these days, you may have missed another deadline looming soon: the federal debt limit. While the government shutdown a couple of weeks ago was about Congress failing to approve new money to pay for government services, the debt ceiling limits how much the Treasury can borrow to pay what we already owe. Thanks to the new tax law, we might hit that ceiling a little sooner than expected. Plus, we'll bring you the latest from Facebook and an excerpt from our podcast The Uncertain Hour.
Janet Yellen presided over the Federal Open Market Committee meeting for the last time as chair today. As expected, the committee left interest rates alone for now, but signaled that hikes could come later this year if inflation picks up. That depends on wages, which we learned today are up 2.8 percent year over year. That's not great, but it's the best number we've seen since early 2015. We'll talk about that, plus the latest homeownership figures. Then: After tragedies like the shooting at a Kentucky high school last week, people and companies open their wallets to provide aid. After the mass shooting at a country music festival in Las Vegas last October, people donated more than $22 million. There are government programs, too, but deciding how to divvy up the money is becoming an unfortunately common challenge for communities. Plus, we'll recap last night's State of the Union address.
... and walk out running a health care company. Together they employ about a million people, and it appears health care was driving them nuts. They're starting their own company that will give coverage "free from profit-making incentives and constraints." We'll start today by trying to make sense of it all. Then: Janet Yellen is presiding over her last Federal Open Market Committee meeting this week, so we'll take a look at her economic legacy. Plus: inside the black market for Twitter followers.