Page 27 - Matt Eagan News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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The dow is down more than 300 points earlier in the day and balances lost more than 700 points since tuesday. the sell-off began after the institute of supply management reported a slow down in the u.s. service sector. let's bring in matt eagan lead writer for cnn business. many people saw the lead in manufacturing and many people thought it was isolated. american manufacturing the smaller part of the economy and then this. >> happy friday, guys. we made it through another pretty crazy week. >> almost. >> almost. and, christine, your point is spot on. right. manufacturing we know it's in contr...

To do -- or not -- business with the u.s. >> a lot of the investors and economists are concerned about the tariffs and this is not a response to a trade issue -- >> immigration. >> it is homeland security. so the concern now is that if tariffs could be put on because of a immigration issue, they could be put on and used as a weapon for anything. and so that creates a little bit of destabilizing factor there. >> close us out. >> tariffs are the president's diplomatic weapon of choice. >> about to say his weaponized tariffs. >> and therefore he sees it in a circular way. tariffs, money, treasury...

Mexico needs to do but the president said this today. >> coming up by the millions, mexico can stop it. they have to stop it. otherwise we just won't be able to do business. it is a very simple thing. and i think they will stop it. i think they want to do something and make a deal. and they sent their top people to try and do it. we'll see what happens today. we should know something. >> matt eagan is a cnn business senior writer and richard quest is cnn business editor at large and host of his own show. so gentlemen, matt, to you first, if and when he starts with the 5% tariffs on mexico, it ...

Matt, what are you seeing? >> reporter: well, the dow is on track for its worst day of the biden era. we haven't seen losses like this since late october. and remember that was long before the successful rollout of vaccines and the reopening of the economy. as you could see, the dow down about 750 points, 2.2%, the other major markets down 1%. and 1.5%. now this is being driven by covid concerns, particularly the delta variant that you were just talking about. the worry is that this variant, which has been described as covid on steroids is going to slow the economic recovery. now airline stock...