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Dow Surges as Omicron Fears Fade, Gas Prices Decline; Rapper Travis Scott Responds to Lawsuits after Festival Tragedy; Jussie Smollett Denies Staging Hate Crime; Olympic Gold Medalist, Allyson Felix, Discusses First "Maternal Health Day of Action" & U.S. Diplomatic Boycott of Olympics in China. Aired 1:30-2p ET

Aired December 07, 2021 - 13:30   ET

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

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ANA CABRERA, CNN HOST: The markets rallying again today as investors appear less fearful over Omicron variant's threat to the global economy.

You can see the Dow up 500 points right now. That's in addition to yesterday's 600-point jump.

And also good news for Main Street. The price of gasoline and natural gas both dropping in a big way just in time for the holidays and the colder winter temperatures.

Business reporter, Matt Egan, joins us now.

Matt, that is huge relief for Americans at a critical time.

Let's start with the gas prices. What's going on there?

MATT EGAN, CNN BUSINESS REPORTER: Yes, Ana, finally, some positive developments on the inflation front where Americans really need it the most.

The national price for a gallon of gas down to 3.35 a gallon. That is still high, but it's actually a seven-week low. It's down from 3.42 a month ago.

And that's for two big reasons. One, the U.S.-led intervention in energy markets really stopped the oil really in its tracks.

The president announced the biggest ever release of emergency barrels from the Strategic Petroleum Reserve. Really more of a Band-Aid than a long-term fix but it has cooled prices off.

The other factor is more ominous here and that's Omicron. You know, initially there were a lot of fears on Wall Street that this would really slow down energy demand.

The good news is those concerns have eased over Omicron but that's actually lifted oil prices. And, Ana, you to remember that gas prices move with a lag to oil.

So the fact that oil prices have moved back up suggests that maybe the relief on the gasoline front may be short lived.

CABRERA: Then there's the natural gas, which is experimenting an even bigger drop right now. Is that expected to last?

EGAN: Well, Ana, that's all up to Mother Nature because natural gas futures are down by about 40 percent over the last two months.

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As you can see, a pretty sharp decline since October. And that is largely because temperatures have been warmer than expected. Warmer temperatures means less demand for natural gas, which is the most popular way to heat homes.

This has also eased some of the fears in the marketplace about a European-style shortage of natural gas.

Those concerns were always overblown because the U.S. is actually the largest producer of natural gas on the planet and production has ticked up.

I do think it's probably too early to -- to -- you know, for an all- clear signal on the natural gas front because, you know, winter hasn't even officially started yet, cold prices could drive natural gas prices back up.

But, Ana, I do think, for the moment, the energy market is offering some glimmers of hope for inflation-weary Americans.

CABRERA: OK. I like the that. Not all doom and gloom today.

Matt Egan, thank you so much.

Rapper Travis Scott is finally responding to lawsuits after this deadly stampede at his Houston festival and he's fighting back.

Plus, new revelations from actor, Jussie Smollett, testifying about his history of drugs and a sexual relationship with his accused attacker.

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CABRERA: Rapper Travis Scott is now responding to several lawsuits filed against him after the Astroworld Music Festival tragedy. Ten people died when a massive crowd surged towards the stage during Scott's concert last month.

Correspondent, Rosa Flores, is joining us from Houston with details.

Rosa, there are dozens of lawsuits pending. Scott's attorneys have now filed a response to six of them. What are the specific allegations and how is Scott responding?

ROSA FLORES, CNN CORRESPONDENT: Well, Ana, Scott is denying legal liability through his attorneys. That's where the court documents show.

And they say, quote, "Defendants generally deny the allegations set forth."

Now CNN reached out to the plaintiffs in all six cases and has not heard back there.

But look, there's been 40 lawsuits filed in this case.

And overall, the general allegations is that there was negligence, gross negligence on behalf of the star and also the organizers and that these people were set to make a lot of money from this concert that ended up with the deaths of ten people between the ages of 9 and 27.

And in the immediate aftermath of the Astroworld Festival Travis Scott, in a statement, saying he was devastated by this strategy. And saying that he was offering to pay for the funerals of all 10 victims.

I don't know about all 10 victims, but I do know about the youngest one, 9-year-old Ezra Blunt, his family declined the offer.

His attorney shared the e-mail that he sent to Travis Scott's attorney with me that says, in part, quote, "He -- meaning Travis Scott -- "He must face and hopefully see that he bears some of the responsibility for this tragedy."

This email goes on to say, quote:

"There may be, and I hope there is, redemption and growth for him on the other side of what this painful process will be. For now, Mr. Scott must respect the fact that his pain and his devastation pales to Ezra Blunt's father, mother and other victims" -- Ana?

CABRERA: Rosa Flores, thank you for that update.

The defense just rested in the trial of Jussie Smollett. Moments ago, a tense cross-examination of former "Empire" actor, Jussie Smollett, wrapped up.

And the special prosecutor challenged Smollett's timeline of events that led up to the reported attack on a frigid night in January of 2019.

Smollett repeatedly refuted claims that he staged a fake hate crime and lied to Chicago police about it.

CNN correspondent, Omar Jimenez, is covering the trial.

Omar, what new details are you learning?

OMAR JIMENEZ, CNN CORRESPONDENT: Well, Ana, for starters, the defense and prosecution have now wrapped as of a few moments ago. So the judge has ended court for the day.

And now said what we're looking at next is closing arguments. And then it will be in the hands of the jury, at which point he said, don't make any assumptions about how long it will take. He told that to the jurors specifically.

In regard to what we learned in court today, really the purpose -- the majority of the day was cross-examination of the prosecution for Jussie Smollett, who had been on the stand for hours at that point.

Specifically going through some of the major points and what happened back in January of 2019.

For one, they looked at when Jussie Smollett drove past the scene of the alleged hate crime in the downtown Chicago area, allegedly with the brothers, the Osundairo brothers, inside that vehicle.

And the prosecution asked, is this what you were showing what you were going to do, and he denied that.

There were many tense exchanges over the course today, even when the special prosecutor was reading out Instagram messages that Jussie Smollett had sent the evening before where he used the "N" word.

The prosecutor is saying that actual word out loud and Smollett interrupted him and asked him don't use that word for the sake of every black person in this particular courtroom.

But bottom line, this came after hours and hours of Jussie Smollett on the stand. He was there for over eight hours.

And now it comes down to the attorneys on each side to synthesize everything that's been said over five days of testimony and leave their impressions on the jury.

[13:45:03]

CABRERA: Omar Jimenez, thank you.

Breaking news, moments from now, we'll learn more details from the two-hour video call between President Biden and Russia's Vladimir Putin. The White House is about to brief reporters. We will bring that to you just as soon as it starts.

Stay with us. You're live in the CNN NEWSROOM.

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[13:50:12]

CABRERA: Today, at the White House, Vice President Kamala Harris is hosting the first ever Maternal Health Day of Action.

Here's what this is all about. Researchers say the U.S. has the highest maternal death rate among all developed countries. And 60 percent of pregnancy-related deaths are preventable. And statistics show that women of color, especially black women and

Native American women, are much more likely to die from pregnancy or childbirth complications than white women.

Among those taking part in today's summit is Olympic gold medalist, Allyson Felix. She is the most decorated woman in track and field history and the most decorated American track and field athlete in history as well.

Allyson, it's great to talk to you.

I know this event today really hits home for you. Tell us about what you went through during your pregnancy.

ALLYSON FELIX, OLYMPIC GOLD MEDALIST: Yes, I'm very excited to be a part of this event. I gave birth at 32 weeks. I had a great pregnancy.

And then, all of a sudden, when I went in for a routine appointment, I found out that I had a severe case of preeclampsia and things spiraled downhill.

It was a really traumatic experience and one that far too many women experience.

CABRERA: Your daughter spent weeks in the NICU. I can only imagine the stress as a mom to experience that. How's your daughter doing now?

FELIX: Today, she's thriving. She's a happy 3-year-old. But it was a very scary time. Spending that time in the NICU and my health complications, it was all just a lot to handle.

CABRERA: We mentioned how women of color are so much more at risk. Black women, in particular, are three times more likely to die from pregnancy complications than white women.

And the racial disparity remains despite a mother's income and education level. Why do you think that is? And what needs to change to fix it?

FELIX: Yes, there are several issues. But one is there's this implicit bias in our medical system. And a lot of times, women of color, our pain isn't heard. Things are missed.

And we really have to speak up and advocate for ourselves. Unfortunately, that's the case until the systems in place really change.

And so raising awareness, and events like today, really a commitment to further research and resources to this problem.

CABRERA: You've talked about finding your voice on this issue. And given your platform, that you have an opportunity to really shine light on a number of different issues.

As a former collegiate track and field athlete myself, and a mother as well, you're someone I really respect and admire personally. You've been able to perform at such a high level for so long in your

career, even after having a child. It's amazing.

But I do wonder, what goes through your mind as you watch the battle happening there in Washington over stuff like paid family leave?

If that gets gutted from the Build Back Better bill, what message does that send, especially to working women, mothers?

FELIX: Yes, you know, as someone who has competed on the highest level, I really advocate for other women to be able to do the same. And it is a difficult thing to do, but continuing to fight, continuing to push forward.

My own experiences with these issues have really opened my eyes and make me want to lend my voice to continue these efforts.

CABRERA: And while I have you, I do want to ask about the upcoming Olympics in China.

You've competed in five Olympics. You've won 11 medals. The U.S. just announced a diplomatic boycott of the upcoming winter games in China. U.S. athletes will still compete but this means U.S. officials will not attend.

What's your reaction?

FELIX: Yes, I mean, I think things are being done in the best way to raise attention to what's going on and I think that's all that we can ask at this time. And continue to move forward and keep an eye on things.

CABRERA: Do you think the diplomatic boycott was the right decision by this administration?

FELIX: I think it shows the importance of what's happening. And it's really -- I think it is a good move.

And, yes, the Olympics always have so much that is on the line. And so many eyes. And I think that people will pay attention to this as a good step.

CABRERA: China has vowed some kind of retaliation. We don't know exactly what that is, but I did speak with an expert yesterday who said athletes may not be safe.

Do you think athletes should feel safe going and competing?

FELIX: I think, as an athlete, our -- all we can control is our performance. And we really trust those who are in places of power to make the best decisions on our behalf.

[13:55:05]

And so as an athlete, that's where our trust is. And we're hoping that, obviously, the best decisions will be made with the athletes in mind.

CABRERA: Allyson Felix, again, pleasure to talk with you again today. Thank you so much for taking the time.

So grateful to hear that your daughter is thriving as a 3-year-old now. And thanks for speaking out and shining light on this issue of maternal health in particular.

FELIX: My pleasure.

CABRERA: That does it for us today. Thank you for being here with us. I'll see you back here tomorrow at 1:00 Eastern. Reminder, you can always join me on Twitter, @Ana Cabrera.

The news continues next with Alisyn and Victor.

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