i'm christine romans. 4:00 a.m. in the east and john berman has the week off. nice to see you this morning. let's begin

i'm christine romans. it is thursday, august 20th. it is 4:00 a.m. in the east. good morning. jo

christine romans in the money center. big moves in stocks this morning. >> yeah. chinese stocks taking a tumble. down more than 6%. it's a return to that selling in china stocks we've seen all summer despite chinese government's efforts to pop a bubble there. also disappointing earnings from walmart. pay rises and the strong dollar hurting walmart profit for the rest of the year. a completely different story at home depo. customers are coming more often and they're spending more money at home depo. low interest rates and improving job market good for housing. and that's good for home depo, guys. >> i think my husband spend every other day there. i think he's the one that upped their bottom line. >>> interesting story ahead. almost a half century after his brutal crimes charles manson still horrifies and fascinates. why, though? a preview of the special "face of evil." but your stellar notebook gives hanyou the gumptionlc. to reach for the sky. that's that new gear feeling. this week, these office depot brand notebooks just one cent. office depot officemax. gear up

time for cnn money now christine romans in the money center. they tallied it all up? >> they have. target will fork over $67 million to visa because of the huge data breach. the money goes to banks that issued visa cards to cover expens expenses. how many of you got new cards, remember? higher interest rates, folks are coming. you have heard it a million times. they are coming at a time the housing market is showing signs of strength. single family home construction is booming. all cash sales in the housing market are falling. that means first time home buyers are getting chance in this housing market now. home depot says it housing boom is boosting its sales. higher interest rates are coming at a time the housing market is solid. chris? >> keep saying the rates are going to go up. eventually you will be right. >>> you know that you matter in politics when the late night guys give you the business. the donald is the focus in a really big and arguably funny way. want to see? stay here. but your stellar notebook gives hanyou the gumptionlc. to reach for the sky. that's that new gear

christine romans is in our money center. what happened? >> it is not pretty at all. it's the perfect storm for a stock market melt down. the slide yesterday the worst point drop in more than four years. oil at a six-year low. global slowdown fears mounting. energy prices, energy stocks also plunged. so did media stocks. twitter dropping to a record low as user growth stalls. when you look at the stock market dive yesterday, it was all the darlings. it was netflix, apple, disney. all these stocks did poorly yesterday. >> we need a pick me up after that. >> it's friday. >> donald trump apparently the late night gift that keeps on giving, once again the butt of many jokes in late night. >> have you seen the new time magazine with future president donald trump on the cover. this is the cover of time. it says, deal with it. for most people that would be the face of an unsedated colonoscopy. >> the latest cover of time magazine features donald trump with the phrase "deal with it." and i can only assume from the look on trump's face that the it is a kidney stone. >> he just

chief business correspondent christine romans. >> it's one of the most important things out there if your for your money. and the first interest rate hike in nine years is likely coming soon. barring an unexpected deterioration in the u.s. economy, the fed will raise rates in september. that means it will cost more to borrow money. it will cost more for your house, for a car and more in credit card interest rates. if you bought apple stock in the last year you do not like the look of this chart. you are losing money. what's the problem here? it's all about the iphone. apple ludsosing ground in china. apple is still the world's most valuable company with $200 billion just in cash in the bank. >> that's good to know. i didn't know apple stock was capable of falling. >> what goes up must come down. >>> ten republican presidential candidates set to face off the first gop prime time debate. who will be the night's standout? and can the other candidates trump trump? get it. ♪ ♪ when you're living with diabetes steady is exciting. only glucerna has carbsteady clinically proven to help m

christine romans joins us with the numbers. up down good bad? >> another solid performance in the american economy. and it's steady and solid. 215,000 new jobs created in july. you're seeing solid, steady performance in job creation. the unemployment rate 5.3%. that is at the lowest levels in about eight years. when i look at the black unemployment rate important to note 9.1%. you're seeing steady improvement in that as well. we're seeing predictable job gains in retail and health care. look at this. computer jobs computer systems design a lot of jobs created there. the financial sector insurance, a lot of jobs created there. we have crossed over into a new phase of the jobs recovery. we are seeing jobs created that are good paying jobs. speaking of future stock futures have turned lower. why would they be going down if the job report was strong? because a lot of people think this means the federal reserve will raise interest rates next month. that means higher cost to buy a house, to buy a car, on your credit card loans. that's something we're

i'm christine romans. it is 4:00 a.m. in the east. up first, a feisty donald trump center of attention at the first republican de.

that's why christine roman is in the money center for cnn money now. what does it mean? >> this is what happens when you close down a stock market for five weeks. it tanks. investigators have a chance. greek bank stocks are falling even more for obvious reasons. the stock markets and the banks shut down at the end of june to prevent collapse. they are open and it is difficult going there. >>> puerto rico missed a$58 million debt payment. it's a small piece of $70 billion in outstanding debt. that's the market. part rico where a lot of investors have exposure because the bonds are a big income generator that's where you could see exposure for american investors. >> interesting. thank you for that. >>> we know the weather created a deadly weekend for the midwest. we're going to take a look at the damage left behind and take a look at what is in store for the week. you wouldn't do half of your daily routine. so why treat your mouth any differently. brushing alone does less than half the job leaving behind millions of germs. complete the job with listerine®. kill up to 99 p

christine romans, huge news about the job market. >> great new study this morning. great news for millennial college graduates. good jobs are back! almost half the jobs added since 2010 were high-wage jobs. it's a brand new study from georgetown university. it found the jobs pay more than $53,000 a year. those jobs about half the jobs since the great recession was over concentrated in science and technology and health care. almost all of those jobs went to college grads. >>> amidoazon drones will somed be as common as mail trucks. sky highways of drones are still years away. not because of technology but because regulators are in the way. they haven't caught on yet. they will be as ubiquitous as a mail truck eventually. >>> the search for the suspended -- for the plane that went down in indonesia has been suspended. why? they did see some debris but they had real weather problems. investigators are trying to determine why the jet went down. it will take some time. we'll tell you the latest when we come back. dso at gnc, why do we do it?st quality nutrition isn't eas

christine romans is here for cnn money. >> google shabing things up. it's separating the advertising business from the diverse moon shots, think driverless cars, hot air balloons that bring internet service. restructuring under the umbrella called alphabet. the senior vice president of product will be the ceo of the core google business that serves android maps and youtube. research focused life sciences, the maker of google contact lenszs, the crazy ideas department, the drone deliveries, et cetera, google ventures. calico, living longer. google says they will have more independence and freedom to take risks. the stock up 20% this year. this morning, investors are excited about this restructuring. the stock up another 6% this morning. larry page says they are calling it alphabet because it is one of humanities most important innovatio innovations, alphabet. when you put up the tree, you know what google has going on and whey they had to split up. thank you so much. donald trump dominating the polls and the rival finding it hard to get ♪ ♪ used in

business news now, time for cnn money and chief business correspondent christine romans is joining us in the money center. china devaluing its currency for the third straight day. what is going on? >> reporter: that's right. the chinese say they are done devaluing the yuan after the third day in a row. this dramatic move has shaken everything up. here's how it matters to you. first, cheap mortgage rates. investors are running away from risky assets and into safehavens like government bonds driving down interest rates. refinance your mortgage or lock in your rate. rates are still low here. number two, gas prices are falling and could be back to $2 a gallon in just a few weeks as commodity prices tumble. and number three, this market volatility means your 401(k) has been hit, your retirement money heavily invested in stocks is worth less today than the beginning of the year. three ways china's moves matter to you right now. >> and eyes are on what happens next. christine, thank you very much. >>> we have sad news for you this morning about america's 39th president, jimmy carter. he reve

and christine roman is in the money center. >> warren buffett wrote the biggest check of his career. berkshire hathaway is buying precision for $37.2 billion. that is a huge deal out of buffett's growing list of brands. he has a lot of investments. that's the biggest acquisition ever. >>> hillary clinton unveiling her plan to make college more affordable today. her proposal states the guarantee no loans as four public schools and free tuition at community college. they'll get more federal funds. and those people repaying their student loans would be able to refinance at lower interest rates. clearly she sees the heat in a tension bernie sanders is getting because his college proposals she has an aggressive domestic agenda on the college loan thing, too. >> as they say, game on. thank you so much. >>> gunshots ring out on the one year anniversary of michael brown's death. there are more protests expectd today. we'll take you live to ferguson for the latest. at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping. i'm reworking the men

chief business correspondent, christine romans is in our money center. you've got the latest on the federal reserve. >> i do. there's new drama around the timing for the interest hike for the federal reserve. can i translate that for you? it means there's a cliff hanger at the fed. maybe they'll raise rates in september. maybe they'll wait a little bit. . >>> do you want a seat assignment on delta, it will cost you. delta expanding something called basic economy tickets, guys. they're $20 to $40 cheaper than regular tickets, but they don't come with a seat assignment until after checkin. >>> let's have a few laughs right now. at the extension of presidential candidates, in case you were sleeping like all of us here's what you missed. >> a new cnn poll shows donald trump is polling within six points of hillary clinton. it's the closest trump has ever gotten to a woman over 40. >> today is bill clinton's birthday. yeah. hillary send bill an e-birthday card and out of habit she immediately deleted it. >> trump said heidi is no longer a ten. but heidi said t