Fears of a recession sent global stock markets on a wild ride. Hurricane Debby came ashore in Florida, leaving massive floods. And Kamala Harris is closing in on a pick for running mate.
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But first: Mystery solved? 🔍 Bizarre, to say the least. Robert F. Kennedy Jr. admitted to dumping a dead bear cub in Central Park a decade ago.
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Wall Street gets hammered
Hang on to your hats. Global markets plunged Monday over worries about a possible recession in the U.S., the world’s largest economy. The S&P 500 and the Dow Jones saw their biggest drop since September 2022, while the technology-heavy Nasdaq composite plummeted 3.43%.
Driving the rout: Sharp declines in high-flying tech stocks including Nvidia, Apple, and Amazon, and a disappointing jobs report. While some economists said current conditions raise the risk of a recession, others downplayed those concerns. “The recession fears are overblown,” said Scott Wren, senior global market strategist at Wells Fargo. “It’s not time to panic here.” 📉 Here’s what’s been going on.
Debby turns deadly, causes massive flooding
Hurricane Debby, now a tropical storm, roared into Florida’s northern Gulf coast Monday, killing at least four people, flooding streets and causing widespread power outages as it continued toward Georgia and South Carolina, where it’s expected to bring catastrophic flooding this week.
What’s going on: Debby, the fourth named storm of what is expected to be a historic hurricane season, made landfall Monday at 7 a.m. near the coastal town of Steinhatchee as a Category 1 storm with maximum sustained winds of 80 mph, the National Hurricane Center said. After several hours, Debby was downgraded to a tropical storm, and by 2 p.m. the winds were down to 65 mph, though it was still dropping copious amounts of rain. 🌀 See the latest developments.
![Aaron Howe saves an American Flag that he found floating in the flood waters near the Ocala Drive-In located at 4850 S Pine Ave, Ocala, FL. Minor damage was reported in Ocala, Fl. Monday morning August 5, 2024 as Hurricane Debby’s center made landfall near Steinhatchee, Fla., at around 7 a.m. Monday. The hurricane brought sustained winds of 80 mph and threat of flooding to the Gulf Coast according to the National Hurricane Center. [Doug Engle/Ocala Star Banner]2024](https://www.usatoday.com/gcdn/authoring/authoring-images/2024/08/05/USAT/74672630007-usatsi-23914837.jpg?width=660&height=477&fit=crop&format=pjpg&auto=webp)
📸 See photos:Flooding, destruction in Florida.
Real quick
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USA on the floor
Simone Biles won silver in the women’s floor exercise final on Monday, giving her four medals, including three golds, at the 2024 Paris Olympics. It is the first time Biles has not won gold in a floor exercise final – ever. Brazil’s Rebeca Andrade won gold. After a score inquiry, Jordan Chiles won bronze, her updated score moving her to third place from fifth in dramatic fashion. 🥇 See all the highlights.
Harris’ VP pick coming soon?
She’s narrowing it down. Democratic presidential candidate Kamala Harris has whittled down her search for a vice presidential running mate to two finalists: Pennsylvania Gov. Josh Shapiro and Minnesota Gov. Tim Walz.
What’s next for the campaign: Harris is expected to announce her selection by Tuesday before her first scheduled public appearance with her running mate in Philadelphia. Sources said it was unclear if a final decision had been made Monday. The Tuesday evening rally will kick off a five-day, seven-city tour of the battleground states likely to decide the Nov. 5 election. 👀 Here’s what we know so far.
A break from the news
Laura L. Davis is an Audience Editor at USA TODAY. Say hi:laura@usatoday.com. Support quality journalism like this?Subscribe to USA TODAY here.
