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military and economic might in the region and escalating provocations from north korea which u.s. intelligence thinks may be planning a missile test while mr. biden is there. let's bring in cnn's paula hancocks live in seoul for us. good morning, tell us what is the underlying purpose of the president's visit there? >> reporter: what the president is here for and what he would like to be talking about is alliances. and talking about economic prosperity and partnership with south korea, talking about security ties. what he might find creeping up the agenda though is north korea. as yo...

including as punishment in a psych ward full of criminals. >> so i was too worried about, you know, who was in the cell with me to actually sleep. >> you thought they might kill you? >> yeah, i thought that was a possibility. >> more from my exclusive interview with trevor reed, the u.s. marine veteran who is finally thankfully home. welcome to "the lead." i'm jake tapper. we start with our money lead and renewed fears of an economic recession as the markets closed moments ago. the dow finishing flat after a day mostly in the red. what's sounding alarm bells now is this is the eigh...

victory. live from cnn center, this is "cnn newsroom" with john vause. >> a dismal day for wall street as the roller coaster ride on the u.s. stock market continues. the dow tumbled more than 700 points in its worst trading day since june of 2020. nasdaq lost nearly 4.8%. [ applause ] >> the sell-off began after target reported a 52% drop in profit for the first quarter, a day after walmart stock posted its worst day since 1987. markets in asia are also in the red this hour. live for us this hour in hong kong following the latest. after this, what are the marketing like in asia? >>...

reported, get this, a stunning 52% drop in first quarter profits, that was just a day after shares in the nation's largest retailer walmart had their worst day in 35 years. what is going on here? they have their fingers on the pulse of the american consumer and they say inflation was the problem, their customers are sticking to the basics when they come in, leaving with fewer items in their shopping carts. those purchasing decisions being driven by sticker shock of course. basics are getting much more expensive, gas up 44% the last year, car, food and shelter also way up. americans a...

there. with china in mind. but as biden prepares to head overseas, there are concerns that north korea is preparing to test an intercontinental ballistic missile in the coming days, one more dose of saber ra rattling. the other major story we're following, the u.s. economy in flux, to say the least. wall street set for another rough day, dow futures already down. you see there this morning. after the markets' worst day in nearly two years yesterday, ending down nearly 1200 points, 3.5% or so. inflation fears now depressing investor sentiment. many ceos are stating their concerns of a...