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Stock Market Looks To Build On Last Week's Comeback; America's Choice 2024; U.S. To Appeal After Chiles Stripped Of Bronze. Aired 9:30-10a ET

Aired August 12, 2024 - 09:30   ET

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

[09:30:06]

KATE BOLDUAN, CNN ANCHOR: Opening bell happening after closing out a roller coaster of a week last Friday. Markets are looking hoping to continue a rebound now. There are several big reports due out in the coming days that investors are going to be keeping a close eye on as part of all of this, CNN's Matt Egan is here for more on this.

So, Matt, are you seeing signs that markets are calming down?

MATT EGAN, CNN REPORTER: We are thankful. I mean, at this point last week, Wall Street was throwing a pretty big temper tantrum. Thankfully, stock Futures are pointing to a slightly higher open after all of that turbulence. This is really actually remarkably quiet start to what could be another consequential week.

You see the Dow up about 0.2 percent, 70 points. This comes after what had been a really volatile start to the month of August, kicking off with that jobs report from the July jobs report. We saw markets really fall sharply. The Dow has been up and down really large point drops.

Most notably a week ago, we saw the Dow drop more than 1000 points. The VIX volatility gauge, which is the Wall Street fear gauge, it spiked to levels that we have not seen since March of 2020, during the height of all of the COVID chaos.

Two big points here that I would make. One, yes, these are large point drops that we did see in recent days. But it's important to remember that a thousand point drop is not what it used to be on a percentage basis, because the Dow is so much higher than it was a year and two years ago.

You get to the Dow at NASDAQ, and S&P all, sadly, in the green right now. The other big point here is, it is true that the jobs market has some cracks that have formed, but it's really important to remember it's way too early to say a recession is imminent. I mean, the unemployment rate, it's still low. Corporate profits have never been higher, and inflation has cooled off.

BOLDUAN: Yes. So what then are you and everyone looking at for as the kind of the catalyst for movement this week?

EGAN: Yes, there's a number of major events. Starting with tomorrow, the wholesale PPI inflation report, that's coming out. The big event comes Wednesday with the consumer inflation report. There's also new numbers on retail sales and Walmart that can really show how consumers are feeling and, most importantly, what they're doing with their wallets. Also consumer sentiment on Friday.

Another big catalyst for this week is the fact that Vice President Harris is expected to start to roll out her economic agenda. She's been pretty quiet on actual specifics, but we're supposed to hear some new proposals in the coming days. And, look, that's really important, because her message, the economic message has gotten a lot tougher, of course, with the fact that the market has been so turbulent, the fact the unemployment rate has gone up.

It's been a tougher message for her. And the real question is, what is she going to propose, as far as trying to get the cost of living under control and make sure that this weakness in the jobs market doesn't turn into something more alarming.

BOLDUAN: Yes, and try to bring some comfort to people and help them feel better about their personal economy. It's good to see, Matt, thank you.

EGAN: Thank you, Kate.

BOLDUAN: Sara?

SARA SIDNER, CNN ANCHOR: All right. The Harris campaign has laid the digital groundwork to appeal to Gen Z, but will their viral moments turn into votes? We talk the president of the College Democrats of America ahead.

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[09:37:55]

JOHN BERMAN, CNN ANCHOR: So this morning, it is a different presidential race, completely. New polls show just how much things have changed since Vice President Harris jumped into the race. People get caught up in the top lines in the new polling, but it's the underlying trends which tell a real story, and we have the perfect storyteller for you.

CNN senior data reporter Harry Enten is here. So, Harry, what's the simplest answer for why things have changed --

HARRY ENTEN, CNN SENIOR DATA REPORTER: Sometimes I feel like we make these stories giantly complicated, and sometimes we can just simplify it by this, who is better liked, right? What is the net favorable view of these different candidates?

And, you know, Donald Trump and JD Vance here. We know, you know, I've been talking about JD Vance's net negative favorability reign. That is more people view him unfavorably than favorably. Donald Trump has the same thing. I will point out this is among the higher numbers for Trump, but still he's underwater here at minus some point. Jump over the Democratic side with me if you will. Take a look here. Kamala Harris is actually better liked by more voters than she is disliked, and a plus two net favorable rating, and then Tim Walz here at a plus 11 rating. It's as simple as this. Politics is about being liked, and the Democratic ticket is better like than the Republican ticket.

BERMAN: And this I know doesn't look like much, but it's a different type of number than you've been seeing of late.

ENTEN: Yes, very different. Normally, you know, Joe Biden was, you know, minus like 15 points oftentimes on occasion. So you're getting plus two on the Democratic side, that's pretty gosh darn good.

BERMAN: All right. So likability is one thing, but you're also seeing some movement on issues.

ENTEN: That's exactly right. So let's take a look here, all right. Trust more on the issue that's most important to you. This is among likely voters. In June, we're going to look at a national.

Look at this. We see Donald Trump at 50 percent, look at Joe Biden just 40 percent. So Donald Trump had a 10 point lead on the issue that folks said was most important to them. They could list any issue. Jump forward now to Michigan, Pennsylvania and Wisconsin. What do we see?

We see a completely different ball game. We see Harris at 50 percent, we see Donald Trump at 48 percent, within the margin of error. But a 10 point advantage for Trump, I mean, you're -- you go -- and this is -- this -- this is the type of stuff that campaigns dream about, and Donald Trump nightmares about.

[09:40:06]

Look at this, Harris now with the two point advantage. This is significant movement. This is the type of movement that turns losers, which Joe Biden was against Donald Trump and winners, or at least leaders, in the case of Kamala Harris over Donald.

BERMAN: And again, we don't know which issue is most important to each voter, but in terms of what they think is most important to them, that's where things have shifted. That could be inflation, it could be immigration, could be abortion.

ENTEN: Could be protecting democracy.

BERMAN: It could be protecting democracy, OK. Each campaign is trying to frame the other in a certain way. You have Harris and Walz calling Trump and Vance weird, and you have Trump advance. And some Republicans suggesting Harris didn't earn this, no one voted for her in the primaries. What's sticking?

ENTEN: So it's not just about issues, it's about how you describe those other folks. And I think this also gives you an indication that the Kamala Harris campaign is working. So this is registered voters across the seven closest states back in the 2020 campaign, Arizona, Georgia, Michigan, North Carolina, Pennsylvania and Wisconsin.

Earn their position. Kamala Harris, 45 percent of voters say that she earned her position. Compare that to Donald Trump, just 42 percent. Donald Trump and his campaign is losing the messaging war right here. How about they are weird? This is not where Donald Trump wants to be leading it, but 55 percent of voters in those seven states say that Donald Trump is weird, compared to just 39 percent for Harris.

So the Harris campaign, their messaging, or the messaging against them, is not working for the Trump campaign, and the messaging from the Harris campaign is working against the Trump campaign.

BERMAN: Harry Enten, it is great to have you explain this all. You'll be here all week --

ENTEN: I will be here all week.

BERMAN: -- as they say.

ENTEN: As they say.

BERMAN: -- in the night club business. Appreciate it. Sara?

SIDNER: All right. Thanks, gentlemen. Long before Vice President Kamala Harris launched her presidential bid, her team was already laying the groundwork for courting young voters. At the center of Harris' push is, of course, online, a big presence there, and a growing social media falling. But can Harris's brat summer actually lead to more votes at the ballot box in November.

Joining us now to discuss Harris' digital strategist Carolyn Salvador Avila. Carolyn is the National President of the College Democrats of America. First of all, you know, Harris has been enjoying this really positive viral moment on social media. It's been sustained for a bit. From your conversations with your peers, do you think this is actually going to translate into actual votes?

CAROLYN SALVADOR AVILA, NATIONAL PRESIDENT, COLLEGE DEMOCRATS OF AMERICA: Absolutely, Sara. Thank you so much for having me on today. I think the push that they're having on social media, and really on all tech, is helping to get the younger population into the elections, and making sure that they're aware of what's exactly on the ballot, which is democracy.

SIDNER: When you look at Tim Walz, for example, what did he bring to the ticket? What are people saying about him in your age bracket?

SALVADOR AVILA: Well, first and foremost, I'd say the biggest trend in terms of Tim Walz is that he's our Midwestern princess. But, Sara, apart from that, honestly, I think Tim Walz and Kamala Harris together, what they bring is what America looks like.

I mean, we've got Kamala Harris bringing to the fact that she's first generation. She is the daughter of immigrants, and honestly, she represents the American dream for so many students like myself who are also first gen. On the other hand, we've got Governor Tim Walz, who's able to show just what everyday Americans look like. I mean, he comes from a small town. He knows what it's like to be middle class, and at the same time, he's been a coach for football, for the students. And so, I think you can't get closer to the younger electorate than this ticket.

SIDNER: It was interesting. I saw you talking to folks online saying he kind of gives dad vibes. And I think that you said that that was a good thing for your generation.

I want to ask you about the fact that you're in this position now. And you were in this position a few weeks ago when Joe Biden was the Democratic candidate. Compare what response you are getting now when you are talking to young folks to what response you got when Biden was still running.

SALVADOR AVILA: Well, I mean, first and foremost, I do have to say, I don't think Joe Biden's legacy is something to forget about. It's absolutely incredible everything that he's been able to accomplish in his political career. But I do think that it definitely brings more excitement to the table when we've got a woman running for president.

And not just any woman, it's a woman from a minority in the United States of America. So like I said, she's bringing that first gen daughter of immigrant side to the table, and I think that represents so many people that haven't necessarily been represented in elections before.

SIDNER: What could be a big mistake that this campaign makes when it comes to young people? I know they love authenticity, they want to see and hear from the candidates for their truly believe. What's your warning to the Harris-Walz campaign?

SALVADOR AVILA: Honestly, I think they're doing an absolutely fantastic job reaching out to the youth. I would say, making sure that they continue to do that is the way to go. We've seen an incredible amount of involvement coming from the youth.

[09:45:02]

I'm seeing record numbers of students college dam is becoming more involved as delegates to the DNC because they want to be a part of the election for the president of the United States. And so, I would say continuing to make sure that those students are getting involved is what they have to do. I mean, you look at states like Nevada, which is where I'm from right now, I'm in Las Vegas. And we've got the youngest electorate from all of the states across the nation.

And so, I would say continuing to make sure that they include the youth in this election is the way to go.

SIDNER: Carolyn Salvador Avila, thank you so much for joining us early this morning there from Las Vegas. I know it's really early there. Appreciate you. Kate?

BOLDUAN: Coming up for us, Team USA, appealing the decision to strip Jordan Chiles of that bronze medal. More on the new appeal, the new evidence they say they submitted, and also where this thing could be headed now. We'll be right back.

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[09:50:22]

BOLDUAN: USA Gymnastics is appealing the decision to strip Jordan Chiles of her bronze medal. So initially, Chiles placed fifth in the floor exercise. Team USA then challenged the score, arguing one move was not scored correctly. The challenge was successful, pushing Chiles to third place ahead of Romania.

Then another twist, Saturday, the Court of Arbitration for Sport ruled that the U.S. challenge was filed four seconds too late. And yet another twist, Team USA says it's now submitted video evidence proving their challenge was filed within the one minute time limit. I can only imagine that there's going to be another twist.

Joining us right now, CNN contributor and sports broadcaster Cari Champion. It's great to see you.

CARI CHAMPION, CNN CONTRIBUTOR: Good to see you too.

BOLDUAN: This comes down to a matter of seconds.

CHAMPION: Yes.

BOLDUAN: And to me, this also just seems, I don't -- messy is the word that keeps coming to mind, just messy on the part of this governing body that has gone on like this.

CHAMPION: Well, I think what's happening -- I'm OK with human error. Judges make mistakes all the time. This is not unusual to appeal the process. What we're witnessing in real time is that there are too many governing bodies, too much red tape. So obviously, the Court of Arbitration of Sports is an independent body assigned by the IOC, which is the International Olympic Committee.

And all of these different committees have to weigh in, and they all make these decisions in real time. What we're learning is that, they really don't know what they're doing. And the sad part about it is, this is the truth of the matter. The Olympics happens every four years, you would think there would be a better system in place. There would be some checks and balances.

And the reality is, now the athletes -- the gymnasts are the ones who are suffering. They're embarrassed, they're being harassed online. And in my mind, I'm saying someone should oversee the IOC to make sure that there's really truly an independent party to make sure that this is happening the way it should be in terms of judging.

BOLDUAN: I mean, look, this should -- it should be figured out. This is the thing that -- it's not like we're waiting for a drug test to come back still. It's like, was it within the time and with it gets exactly is your point. And in the middle of all of it, or is not just Jordan Chiles, but all the other gymnasts as well, the -- no matter what -- how this shakes out, I just always think about like the toll it takes on the athletes.

CHAMPION: Well, I do believe, I do believe the USA will -- I think we will, ultimately, she will get a bronze medal. This happened before 2004. I looked it back there in terms of research. And another gymnast, an American gymnast by the name of Paul Hamm, he was awarded gold. Then he was told he wasn't.

They wanted to give it to someone else in South Korea. He refused to give back his gold medal. Ultimately, he appealed it to the Court of Arbitration of Sport, and it lasted in the court for like a month or two. And he ultimately was right.

The reality is, is they haven't perfected this system, and that's OK. But right now we have Ana Barbosu of Romania. She's sending out love to Jordan Chiles. Jordan Chiles saying that she doesn't want to be on social media because of the way people are harassing her. And ultimately, it's just a true failure on what has been such a beautiful Olympics for the most part, but because it's in the United States, because it's USA, we're highlighting this in a way that will force them, I believe, to correct the system that is just no longer in place to help us be right.

BOLDUAN: Yes. And, well, it's -- it's so frustrating, because you want -- Jordan Chiles wants to be on the metal stand, so does the gymnast in Romania. Like whoever was supposed to be on that metal stand, about the metals stand --

CHAMPION: And, Kate, it was such a beautiful, historic moment. I think that moment still will last. We will never take away from that. It was an all black podium for the first time in (inaudible). It was beautiful.

In gymnastics history, and in my mind, I'm like, this is perfect. But you know what, we did well. Overall --

BOLDUAN: You're right, you're right. This is a bit of controversy --

CHAMPION: Yes.

BOLDUAN: -- but the United States did fantastically. The one that's been sticking out, I want to say I'm like the hugest basketball fan of all time. I love a lot of sports, you know, but I could not get enough basketball this weekend.

CHAMPION: It was so good.

BOLDUAN: From -- I mean, you can roll out the stats of, you know, American women winning and how they they're just so good. And then from -- and then Steph Curry. I was just like -- you didn't love Steph Curry before, which you should have.

CHAMPION: He is otherworldly. His get -- the game on Saturday, first of all, was the very first time that USA and the French played in the women's game and the basketball game, which was great. But he played very other worldly. I've always said Steph has a basketball game that translates to anybody if you know sports or if you don't know sports.

He shoots from the logo and you're thinking, I can do that in my backyard. So it was so great. And then the women, I mean, at the very last second, they won. It was a nail biter.

BOLDUAN: It was. I get (inaudible) like Steph Curry was like, we always have the terminology wrong with, like two huge human beings all the time. And he's like, whatever. And shot the ball like this.

CHAMPION: He was great. He was in the zone. And the terminology doesn't matter. It was called Canada W, we won. That's all that matters at the end of the day.

[09:55:10]

BOLDUAN: Exactly, John and Sara, hello. Welcome to our --

BERMAN: Well, hello. We disappeared magically. At the right time, like Steph Curry.

BOLDUAN: Well played. Well played. I am not one who ever makes a three pointer, but, you know, Steph Curry makes me think like I can.

CHAMPION: You can. You can. And, John, you play a little basketball, no?

BERMAN: I can't believe the way he shoots. I cannot believe the way he shoots. I couldn't believe the way the LeBron James played point guard for an entire Olympics at age 86.

CHAMPION: Slightly a little younger than 86, yes, yes.

BERMAN: Thirty-nine looking younger.

SIDNER: Basketball years, for sure.

CHAMPION: He was great. I think they all were amazing. I think what we were able to see is that were otherworldly, and we're head and shoulders above the rest. Although the world is trying to catch up, we are head and shoulders above the world.

BERMAN: Like the 12 of us to be chosen.

SIDNER: I'm sorry, when did you play professional sports to retire from basketball?

BERMAN: Eighth grade retired.

SIDNER: I was just checking I thought I missed that in your bio. Thank you so much.

CHAMPION: Thank you.

SIDNER: It's good to see you. BOLDUAN: Great, thank you for coming in so much.

SIDNER: Thank you for joining us. This is "CNN News Central" with John Berman, Sara Sidner and Kate Bolduan. "CNN Newsroom" up next.

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