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jonathan karl and pierre thomas standing by. severe storms slamming parts of the northeast. nearly 14 million on alert for powerful thunderstorms. rob marciano timing it all out. also developing, tonight, the plunge on wall street. investors reacting to tough words from the fed chair. the dow dropping more than 1,000 points. jerome powell saying more pain and rate hikes are ahead to bring down inflation and hold back a possible recession. rebecca jarvis breaking it down. the battle of the drug giants over the covid vaccine. moderna suing pfizer, saying its rival copied its tech...

hosting a saudi-backed golf tournament at one of his clubs. good morning. and welcome to "way too early." i'm jonathan lemire. it is friday, july 29th. thanks for being here. let's get started with the news. we begin on capitol hill where senate democrats are racing against the clock to pass a wide-ranging spending bill through the process of reconciliation. with just about a week to go before congress leaves for a month-long recess, a source says that senate majority leader chuck schumer called on his caucus to stick together during a closed door meeting yesterday. just one day ea...

banning sales of new gas powered cars by 2035. how that will work ahead. we begin this morning with our top story. at any moment a redacted version of the affidavit used to justify the fbi's august 8th search at former president trump's florida home will be unsealed to the american public. "the new york times" summarized the ruling as a significant legal mile post in an investigation that has swiftly emerged as a major threat to mr. trump, whose lawyers offered a confused and at times stumbling response. the judge's order to release the document comes after the doj submitted its pr...

situation is fluid. we'll be listening to what nancy pelosi has to say. and it gets to a larger question, is momentum building for some big wins, a bill that helps us compete with china now heads to the president's desk for signature. and democrats have senator manchin on board for a bill they are calling the inflation reduction act that addresses everything from climate change to health care. couldn't come at a better time with the midterms fast approaching and democrats fighting to hold on to control of congress. and there are policy challenges from the war in ukraine to securing t...

with a controversial stop in taiwan, not ruled out, not confirmed. a live report from kentucky where a deadly flood is deaf stath rural areas. >> this is by far the worst flooding disaster, at least of my lifetime, in kentucky. it has wiped out what we believe are hundreds of homes. we have half of some of our counties under water. we will lose double digit lives. in pete we trust. i will be joined by our legendary justice correspondent pete williams as we pay tribute to his remarkable career here to nbc news before he heads off for new adventures. we begin with the economy and...