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Dow Falls 400+ Points Over Worry on Timing of Interest Rates Cuts; Adderall Prescriptions Filled Less Often Amid Ongoing Shortage; Trump Ramps Up Border Rhetoric in Battleground Michigan; Oklahoma Public Official Under Fire for Ties to White Nationalism. Aired 3:30- 4p ET

Aired April 02, 2024 - 15:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[15:30:00]

BRIANNA KEILAR, CNN HOST: We are less than 30 minutes from the closing bell, ending a volatile day on Wall Street. The Dow dropping more than 400 points today. Well, now it's down about 368 there. We're keeping an eye on it.

Let's get to CNN's Matt Egan, who has been tracking the market's wild ride. Matt, you're learning the plunge has to do with the interest rate cuts. Talk to us about this.

MATT EGAN, CNN REPORTER: That's right, Brianna, although we should note that U.S. stocks are off their lows of the day. At one point, the Dow was down almost 500 points. You can see now around 367 points.

Now, the concerns here do have to do with Fed interest rates and when the Fed is going to actually be able to start cutting rates. A lot of people had hoped it would happen in March. That, of course, was not the case.

[15:35:00]

May looks unlikely. Now even June is 60-40. And I think that some of this reflects some negative developments, right? Like inflation. Inflation has cooled, but maybe not enough for the Fed to be able to declare victory by lowering rates.

Also, oil prices are moving sharply higher. U.S. crude above $85 a barrel. There's concerns about the war in the Middle East and whether or not that could spread out.

But there are also some really positive developments out there as well, especially on the jobs market. Unemployment is still low. Job openings are ticking higher. Hiring is strong. We even just learned this week that the U.S. manufacturing sector moved into expansion mode in March for the first time since late 2022.

So, in a lot of ways, this economy is not looking like one that needs the Fed to step in and cut interest rates. And that's not such a bad thing. I talked to a veteran market strategist, Art Hogan, and he told me that selloffs like this, they're totally normal, they're totally healthy. And we got to put all this into context because despite the drop today

for the Dow, we're still looking at a market that is up by about 19 percent over the last six months. Look at that. Six months ago, we were at around Dow 33,000. Up until recently, we've been flirting with 40,000.

So, going straight up might feel good, but in the long run, it's actually not all that sustainable -- Brianna.

KEILAR: That's right. What goes up must come down. OK, so, Matt, talk to us about Donald Trump's media stock tanking on Monday. This is the parent company of True Social.

EGAN: Right, we're talking about Trump media losing more than a fifth of its value yesterday alone. But look at that, bouncing back today up 5 percent. Now, remember, the higher this stock goes, the richer Donald Trump is, at least on paper, because he owns a dominant stake in this company, now up 7 percent on the day, near session highs.

Now, yesterday's selloff was caused by concerns about this company's financial condition. They disclosed that they lost $58 million last year. Not shocking that a startup lost money, but what was more concerning is the revenue, only generating $4 million in revenue.

Remember, this is a company worth being valued right now by Wall Street in the billions of dollars. So, we should keep a close eye on Trump media because it is moving dramatically, higher and lower every single day. I mean, you can't look away because otherwise you're going to miss a massive stock spike or a plunge.

KEILAR: Oh, so true. Matt, thank you for taking us through that.

An exclusive CNN analysis finds that the number of prescriptions being filled for a popular ADHD medication is falling amid the ongoing shortage. How big is the impact? We'll have that next.

[15:40:00]

(COMMERCIAL BREAK)

BORIS SANCHEZ, CNN HOST: ADHD medicines like Adderall have been in short supply in the United States since October 2022, causing stress for patients and families who depend on those medications.

The FDA has attributed the shortage to increased demand, along with a manufacturing delay. But just how bad is that delay, and is there relief in sight? Let's pose those questions to CNN's Meg Tirrell. So, Meg, what are you learning?

MEG TIRRELL, CNN MEDICAL CORRESPONDENT: Well, Boris, we got exclusive new data analysis from health data provider Truveta looking at the prescription fill rate for Adderall and similar medications for ADHD.

Now, that is the percent of time you actually go to the pharmacy counter and you're able to get your prescription filled. And you can see the shortage was announced around October 12, 2022. And you can see an obvious difference there in the rate of prescriptions being filled.

That went from almost 50 percent there before the shortage to down to a low of about 40 percent in February of 2023. Overall, the average monthly fill rate was 11 percent lower in the first half of 2023 than in the first half of 2022.

And, Boris, these data sort of mask the frustration that many patients and families are feeling around this because even if they're able to get their prescription filled, we've heard anecdotally that many families or patients have to go to multiple pharmacies or call multiple pharmacies just to find their medications each month. So, this has been an incredibly frustrating situation for a lot of people.

SANCHEZ: Meg Tirrell, very much appreciate the update. Thanks so much.

Still ahead, he attended the Unite the Right rallies in 2017. Now, he's fighting to keep his city council seat in Oklahoma after his ties to white nationalism were uncovered. We'll discuss in just moments.

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KEILAR: Former President Trump is on the campaign trail today for the first time in weeks, and moments ago, he spoke in Grand Rapids, Michigan, hammering President Biden on his border policies today and addressing posting the $175 million bond for the first time on camera in his civil fraud case that he lost.

We have CNN's Kristen Holmes in Grand Rapids for us. Kristen, what did he say?

KRISTEN HOLMES, CNN NATIONAL CORRESPONDENT: Yes, this is clearly messaging that Donald Trump is going to continue as he moves closer and closer to November. They believe that this rhetoric, this anti- immigration rhetoric, which is what you heard today, calling it Biden's bloodbath, his border bloodbath, that's how they're referring to it.

Obviously, a play on the fact that there was so much coverage over the fact that he said that the auto industry would cause the country to go into a bloodbath if Donald Trump didn't win the election. That was something he said a matter of weeks ago.

They are really hammering this home. Now, he also said a little bit of the quiet part out loud, which is that they do expect him to have problems with suburban voters, independent voters, and particularly suburban women, making a pitch to them specifically today. Take a listen.

(BEGIN VIDEO CLIP)

DONALD TRUMP, FORMER PRESIDENT OF THE UNITED STATES (R) AND CURRENT U.S. PRESIDENTIAL CANDIDATE (R): You know, the suburban housewives actually like Donald Trump. You know why? Because I'm the one that's going to keep them safe. They like to say, well, the suburban housewives, I don't know. I think I do great with the suburban housewives because they want to remain safe.

(END VIDEO CLIP)

[15:50:00]

HOLMES: So you can hear there the kind of messaging that Donald Trump is saying today. We expect him to say that later tonight here in Wisconsin as well. Is that fearmongering, particularly about immigration, that helped propel him to the White House in 2016, and they are hoping helps him again in 2024.

Now, this time, he might have an advantage, particularly because we've seen in those recent polls that immigration is a key issue for so many voters. So something to keep an eye on.

But again, this is the rhetoric that he is doubling down on. We've talked a lot about how President Biden and his team were to double down on reproductive rights. You're going to hear a lot from Donald Trump on immigration and crime, linking the two together as we get closer to November.

KEILAR: All right, Kristen Holmes, live for us in Wisconsin. Thank you -- Boris.

SANCHEZ: Voters in an Oklahoma town are soon going to decide whether to recall a council member with ties to white nationalism. Enid City Council Commissioner Judd Blevins marched in the 2017 Unite the Right rallies in Charlottesville, Virginia, where, if you recall, one counter-protester was killed and dozens others were injured.

He's also facing scrutiny for offensive comments he made while -- he was accused of making while online anonymously. CNN senior national correspondent Ed Lavandera is live for us in Enid. And, Ed, there's a special election underway right now to determine whether Blevins will be able to keep his seat. What are you hearing from folks in town there?

ED LAVANDERA, CNN SENIOR NATIONAL CORRESPONDENT: Well, you know, many people anxiously awaiting the outcome of this election. It has raised tensions here in this Oklahoma City where Judd Blevins was elected last year.

808 people voted here in Ward 1 in that election a year ago. Judd Blevins won by 36 votes. Mostly his past had flown under the radar until a group of progressive activists here in Enid learned more about his past and started sounding the alarm.

And Judd Blevins has made it very difficult to understand exactly where he stands these days. He's disavowed comments that he's made. He's also denied making very controversial comments.

He was at that Charlottesville rally back in 2017, but he also remains defiant and is trying to win this election. (BEGIN VIDEO CLIP)

JUDD BLEVINS, ENID CITY COMMISSIONER, WARD 1: I think that this election is really about the next three years of this city, not about organizations that disbanded five years ago. Now, if speaking out against what was being done to this country, what is continuing to being done to this country is a crime, then I would gladly plead guilty to that.

(END VIDEO CLIP)

LAVANDERA: And these activists have been going door to door for the last year trying to raise alarm, getting voter turnout here in this community in Oklahoma. And one of those council members who sits next to Judd Blevins on the council is a man by the name of Derwin Norwood. He's the only Black city council member.

He believes that from what he's heard from Judd Blevins in the last few days, he's not fit to sit on the council any longer.

(BEGIN VIDEO CLIP)

DERWIN NORWOOD, ENID CITY COMMISSIONER, WARD 2: Our children, our elderly, our educational system, businesses will not want to come to Enid and be a part of a community that's known nationally for hatred. This is bigger than Blevins. It's a subculture.

(END VIDEO CLIP)

LAVANDERA: So the polls here in Enid, Oklahoma, closed in about four hours. You know, as I mentioned, 808 people voted here in Ward 1 in that election last year. Right here at this polling location that we're at in Enid today, we're told by election officials that 300 people have already voted. So turnout expected to be higher. There's also a school bond issue on the ballot today, which is probably pumping up turnout numbers as well.

But a great deal of interest and a great deal of concern over how this election is going to turn out today -- Boris.

SANCHEZ: We'll see what voters decide. Ed Lavandera live for us in Enid, Oklahoma. Thanks so much, Ed.

Stay with CNN NEWS CENTRAL. We're back in just a few moments.

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[15:55:00]

KEILAR: Just into CNN. The suspect who rammed that entrance gate at the FBI field office in Atlanta has been charged by federal authorities.

SANCHEZ: CNN senior national correspondent Ryan Young has the latest. Ryan, what are the charges? RYAN YOUNG, CNN SENIOR NATIONAL CORRESPONDENT: Yes, now he faces those

two charges. One from the feds and one from the state. The federal charges are destruction of government property. Looks like the gate damage was about $1,000. The other is state interference with government property.

One thing I was going back and forth with our Josh Campbell talking about this. He also indicates it looks like it's being worked by the FBI criminal squad, not the terrorism unit. So it sort of gives you an indication about what they may be looking at this.

We know that suspect traveled from South Carolina and then tried to follow an employee into that fence line area when that gate was able to stop him from getting inside.

Now, the reason why we don't have a mugshot just yet is he has not been turned over to local authorities because he's currently being evaluated still at the hospital. It's a story that we'll continue to follow -- guys.

SANCHEZ: Appreciate the update. Ryan Young from Atlanta, thanks so much.

We close today by sharing that a beloved Pearl Harbor hero has passed away. Lou Conter was the last known survivor of the battleship Arizona. His daughter says he was surrounded by family at his California home and passed peacefully.

KEILAR: Conter was a 20-year-old quartermaster when he helped rescue his fellow crewman during the Japanese attack on the morning of December 7, 1941. He was one of the 335 USS Arizona crew members who survived the attack, and he outlived them all while always striving to keep the legacy of Pearl Harbor alive.

[16:00:04]

(BEGIN VIDEO CLIP)

LOU CONTER, SURVIVOR OF BATTLESHIP ARIZONA: I think it's very important that we all say, remember Pearl Harbor. God bless America.

(END VIDEO CLIP)

KEILAR: Lou Conter was 102 years old, and we can all remember it by going to that memorial. It's really amazing.

SANCHEZ: Absolutely. A generation of heroes just like Lou, and commemorating their sacrifice is so critical.

"THE LEAD" with Jake Tapper starts in just a few seconds. Thanks for being with us.