Kornacki: Numbers Are ‘Uneasy, Volatile, Unsettling’

WELKER The dizzying policy ░░░░░░░░ on tariffs and concerns ░░░░░░░░ the health of the ░░░░░░░░ produced one of the ░░░░░░░░ weeks on Wall Street ░░░░░░░░ months Steve Kornacki is ░░░░░░░░ to take us through ░░░░░░░░ the numbers Steve what ░░░░░░░░ you seeing and good ░░░░░░░░ KORNACKI Good morning Kristen ░░░░░░░░ I mean uneasy volatile ░░░░░░░░ you could pick whatever ░░░░░░░░ you want But here ░░░░░░░░ what the numbers look ░░░░░░░░ this past week Looking ░░░░░░░░ the Dow average here ░░░░░░░░ all of the news ░░░░░░░░ start last Monday and ░░░░░░░░ you could see how ░░░░░░░░ averages plummeted late Monday ░░░░░░░░ is when Trump made ░░░░░░░░ announcement that the tariffs ░░░░░░░░ coming It continued on ░░░░░░░░ as the tariffs were ░░░░░░░░ Of course then you ░░░░░░░░ the reprieve for automakers ░░░░░░░░ a lot of the ░░░░░░░░ tariffs and the market ░░░░░░░░ start to make a ░░░░░░░░ bit of upward movement ░░░░░░░░ actually on Friday when ░░░░░░░░ added in that new ░░░░░░░░ report you know some ░░░░░░░░ on Wall Street feared ░░░░░░░░ might be worse than ░░░░░░░░ was The market actually ░░░░░░░░ close up a bit ░░░░░░░░ Friday but down significantly ░░░░░░░░ the week And if ░░░░░░░░ broaden this out zoom ░░░░░░░░ and take a broader ░░░░░░░░ at the trajectory of ░░░░░░░░ market here two things ░░░░░░░░ highlight here in terms ░░░░░░░░ Trump and his policies ░░░░░░░░ a look at this ░░░░░░░░ this is the Dow ░░░░░░░░ Between Election Day and ░░░░░░░░ Day it was up ░░░░░░░░ 4 There was optimism ░░░░░░░░ Wall Street about what ░░░░░░░░ would do as president ░░░░░░░░ since Inauguration Day when ░░░░░░░░ Trump began enacting policies ░░░░░░░░ we saw this week ░░░░░░░░ tariffs it s been ░░░░░░░░ very different reaction from ░░░░░░░░ Street Down more than ░░░░░░░░ point and a half ░░░░░░░░ Trump was inaugurated Now ░░░░░░░░ put that in further ░░░░░░░░ we can compare that ░░░░░░░░ down 1 6 from ░░░░░░░░ to other modern presidents ░░░░░░░░ first couple months of ░░░░░░░░ presidency And again look ░░░░░░░░ this it was up ░░░░░░░░ in Trump s first ░░░░░░░░ Look at all of ░░░░░░░░ other presidents Clinton you ░░░░░░░░ in both of his ░░░░░░░░ Bush Biden it was ░░░░░░░░ in all of these ░░░░░░░░ list even continues here ░░░░░░░░ can go all the ░░░░░░░░ back to 1989 with ░░░░░░░░ Bush Sr we ll ░░░░░░░░ that one up there ░░░░░░░░ you ll see it ░░░░░░░░ went up with him ░░░░░░░░ here it is Trump ░░░░░░░░ down 1 6 in ░░░░░░░░ first few months here ░░░░░░░░ only other negative number ░░░░░░░░ ve seen in modern ░░░░░░░░ I mean this is ░░░░░░░░ near in the same ░░░░░░░░ but 20 when Obama ░░░░░░░░ over in 09 Remember ░░░░░░░░ was in the middle ░░░░░░░░ the meltdown on Wall ░░░░░░░░ So that s the ░░░░░░░░ of investors and their ░░░░░░░░ and of course there ░░░░░░░░ the question of consumers ░░░░░░░░ well So important to ░░░░░░░░ economy Are they going ░░░░░░░░ be tightening their wallets ░░░░░░░░ they going to be ░░░░░░░░ We also got this ░░░░░░░░ this week the Consumer ░░░░░░░░ Index a monthly report ░░░░░░░░ the sentiment of consumers ░░░░░░░░ you see these numbers ░░░░░░░░ clocked in at 98 ░░░░░░░░ this month Look the ░░░░░░░░ the number is the ░░░░░░░░ consumers are expressing optimism ░░░░░░░░ the economy So it ░░░░░░░░ You see here the ░░░░░░░░ fell seven points in ░░░░░░░░ last month That decline ░░░░░░░░ points in one month ░░░░░░░░ is the biggest single ░░░░░░░░ decline we ve seen ░░░░░░░░ this index in four ░░░░░░░░ Now there s debate ░░░░░░░░ the exact relationship between ░░░░░░░░ attitude and actual consumer ░░░░░░░░ but again you add ░░░░░░░░ into the mix with ░░░░░░░░ other indicators Kristen and ░░░░░░░░ can understand why folks ░░░░░░░░ Wall Street and elsewhere ░░░░░░░░ getting a little bit ░░░░░░░░ these days perhaps WELKER ░░░░░░░░ All right Steve Kornacki ░░░░░░░░ us off this morning ░░░░░░░░ thank you so much ░░░░░░░░ Thank you.”