S&P 500, Nasdaq post worst day in years amid recession fears | The Excerpt
On Tuesday’s episode of The Excerpt podcast: Monday saw one of the worst days for U.S. markets in years. What's happening? Paste BN National Correspondent Terry Collins has the latest on protests from fired federal workers. Secretary of State Marco Rubio thanked DOGE for pushing cuts to USAID after media reports of quarreling between him and Elon Musk. Ukraine strikes Moscow in its biggest drone attack on the Russian capital. Paste BN National Correspondent Trevor Hughes discusses how the Trump administration is repurposing the CBP One app to allow migrants to self-deport. The removal of a Black Lives Matter mural begins in Washington, D.C.
Hit play on the player below to hear the podcast and follow along with the transcript beneath it. This transcript was automatically generated, and then edited for clarity in its current form. There may be some differences between the audio and the text.
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Taylor Wilson:
Good morning. I'm Taylor Wilson and today is Tuesday, March 11th, 2025. This is The Excerpt. Today, what's going on with the stock market, plus fired federal workers continue to protest, and the Trump administration repurposes the CBP One app to encourage migrants to self-deport.
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US stocks plunged yesterday. The tech heavy Nasdaq and broad S&P 500 posted their biggest one day drops in September of 2022. Amid heightened risk of recession this year. Mike Mussio, president of FBB Capital Partners said right now it's about uncertainty.
Mike Mussio:
I think the speed with which the market is reassessing or probabilities around recession is directly linked with the two things. One, uncertainty around tariffs and what the impact may have on inflation and just the general economic outlook. And then two, there's a bit of a growth scare that's going on at the same time.
Taylor Wilson:
In a Fox News interview on Sunday, president Donald Trump declined to predict whether the US could face a recession. Trump's comments echoed remarks from Treasury Secretary, Scott Bessent on Friday who told CNBC that there could be a detox period for the economy as the new administration cuts government spending. The hits of the markets comes at a time when investors are concerned that Trump's fluctuating trade policies on Mexico, Canada, and China could dampen consumer demand and corporate investment. China's retaliatory tariffs on some US imports took effect yesterday. This week we'll also bring more economic data that could further cloud the future outlook. Inflation and consumer sentiment data are expected this week.
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Protests continue this week as fired federal workers take to Capitol Hill. I spoke with Paste BN National Correspondent Terry Collins for more. Terry, how are you sir? Thanks for hopping on.
Terry Collins:
I'm good, Taylor. Thanks for having me.
Taylor Wilson:
So Terry, I know you and our colleague Sarah Wire, spoke with several of these fired federal workers who have been protesting in recent weeks. Let's talk about Ali Mitchell. What can you tell us about her experience?
Terry Collins:
Ali was a specialist at the National Institute on Aging where she supervised research and advised on initiatives related to Alzheimer's disease and other related research. She worked at the agency for five years, but because of her new role, she was also a probationary employee, was fired last month and now in between job hunting Ali spends her Tuesdays on the hill as well.
Taylor Wilson:
All right, so let's talk more about these protests, Terry. I mean, what have we seen just kind of broadly at these protests in recent weeks? What's the vibe been like out there and just kind of center this contextually, if you will, what led up to this point?
Terry Collins:
We've seen a steady stream of fired workers in groups knocking on doors, holding signs. Some read their termination letters in front of senators' offices and shared their personal stories. They also wanted to let lawmakers know that cutting the federal workforce has real consequences for all Americans who rely on public services. Basically, we're trying to get into their face and let them know how they feel directly, and seeming to have an impact as they're showing up for now, what will be a third consecutive Tuesday.
Taylor Wilson:
Right. Well, in terms of what protesters want, Terry, they've mentioned these face-to-face meetings with lawmakers. Have they made any progress on that front? Have they gotten anywhere in those conversations?
Terry Collins:
Some have. Mitchell has met with staffers from Senators Rick Scott, Ted Cruz, and Mark Warner. I think it's having some effect as we've seen reports of tension between Musk and members of Trump's cabinet to the effect that Trump has reportedly said, it is his cabinet secretaries and not Musk who are responsible for cuts within their agencies.
Taylor Wilson:
All right, and in terms of what's next, Terry, do we expect more protests next week? Is this just kind of the new reality, these protests from former federal workers?
Terry Collins:
Yeah, I think it's the new reality. I think we're going to keep seeing this go on for quite some time. Those who I've talked to said it's indefinite, and in the case of Mitchell and other federal former workers we talked to, they're going to keep showing up on the hill. Keep trying to get in the pace of politicians and ask what they're going to do to protect them.
Taylor Wilson:
Folks can go find Terry and Sarah's full piece with a link in today's show notes. Terry Collins is a national correspondent with Paste BN. Thanks, Terry.
Terry Collins:
Thanks, Taylor.
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Taylor Wilson:
The Trump administration is canceling 83% of programs at the dismantled US Agency for International Development or USAID after terminating 5,200 contracts. That was according to Secretary of State Marco Rubio yesterday, as he thanked Elon Musk's Department of Government Efficiency for pushing the cuts. Rubio's public embrace of DOGE follows media reports of a blow up between Rubio and Musk during a White House meeting last week that President Trump had with cabinet secretaries. Musk responded with kind words of his own on social media after Rubio posted a thank you to Doge on X. Musk reportedly had accused Rubio a failing to slash his staff during the meeting, while the Secretary of State, like some other cabinet secretaries, expressed frustration with Musk's chainsaw approach to the department's.
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Ukraine launched its biggest drone attack on Moscow earlier today. They sent at least 91 drones on the Russian capital, killing at least one person. The move also sparked fires and suspended flights at the city's airports, according to Russian officials. It comes as a team of Ukrainian officials prepared to meet a US team in Saudi Arabia to plant seeds for possible peace talks in the three-year-old war. While President Trump says he wants to deliver peace in Ukraine, the war is heating up on the battlefield with a major Russian spring offensive in Kursk and Ukrainian drone attacks deep into Russia.
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The Trump administration is repurposing the CBP One app to encourage migrants to self-deport. For more and what that functionally means for the immigration conversation going forward, I caught up with Paste BN national correspondent Trevor Hughes. Hey there, Trevor. Thanks for carving out some time on this.
Trevor Hughes:
Yeah, good to be here.
Taylor Wilson:
So let's just start with this. I mean, could you remind us, Trevor, what is the CBP One app and how is the Trump administration now repurposing it in this moment?
Trevor Hughes:
The CBP One app was created in 2021 by the Biden administration, and the whole idea was to reduce the number of people who are crossing the border illegally, right? So they would sign up for an appointment, present themselves at a port of entry and formally request asylum. That is a legal process that people are entitled to follow. The Trump administration argued that it was being wildly abused by the Biden administration. Something like a million people came into the country under the auspices of CBP One and so they have actually turned it around.
They canceled it on the, Trump's, basically his first day in office, and now have turned it around and said, people who are in this country who came into this country using that app, can now use that app to essentially say, "I'm leaving the United States. I'm self-deporting back to my home country."
Taylor Wilson:
In terms of what this functionally means, Trevor, for a migrant who "self-deports" in this way, I mean, what would that happen? Would there be a route for them to return to the US legally in the future afterwards?
Trevor Hughes:
That's what the Trump administration is suggesting. They're suggesting that if you are deported by ICE, you will never be allowed to return to the United States. But they are suggesting if you self-deport, then one day you may be eligible to return under some undetermined process that doesn't yet exist.
Taylor Wilson:
What are some of the criticisms we've already heard about this app previously, Trevor?
Trevor Hughes:
Well, I mean basically what was happening, especially according to the Trump administration, was that people would come across the border, request asylum. Use the app to sort of make their appointment, get formally processed by the federal government, and then essentially disappear into the United States without ever following up.
Some folks who cross the border actually are given like GPS trackers on their ankles. This was sort of a way of being more humane, I suppose is the word you might use, allowing people to request asylum and then to live in the United States while their case was pending. And these asylum cases can take years to process. The question is whether or not people were following up, maybe skipping those court dates, and maybe if they were ordered to leave ultimately, maybe they just weren't.
Taylor Wilson:
Trevor, have we heard at all from immigration advocates or anyone on that side of the coin in the wake of this move?
Trevor Hughes:
I think there's a lot of concern that the Trump administration could use this app to find people and then forcibly deport them. So there's really a lot of questions and a lot of anxiety within the immigration advocacy community about exactly how this data is going to be used, how this app is going to be used, and the treatment of those folks living in this country.
Taylor Wilson:
Trevor Hughes is a national correspondent with Paste BN. Thank you, Trevor.
Trevor Hughes:
You bet.
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Taylor Wilson:
Crews have begun removing a Black Lives Matter mural in Washington DC. The city erected the large yellow artwork in 2020 during the nationwide protests over the death of George Floyd, a black man killed by police in Minnesota. Mayor Muriel Bowser announced plans to replace the mural last week after Republican lawmakers threatened to revoke millions in transportation funding for DC if it was not removed.
That comes as President Trump and his fellow GOP leaders have widely targeted diversity efforts, particularly in the federal government, schools and private businesses. Bowser ordered the painting of the mural in June of 2020 after protesters were removed from the area with smoke canisters and pepper spray. Mayor's chief of staff at the time said she wanted to make it abundantly clear the street belonged to the city and its residents. The plaza quickly became a symbol of defiance for Democrats against the Trump administration in the deep blue capitol.
But not all of Washington's residents were happy with the artwork and not all of the mural's critics came from the right. The DC chapter of Black Lives Matter has long criticized the artwork, calling it in 2020, a performative distraction from real policy changes. You can read more with a link in today's show notes.
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Thanks for listening to The Excerpt. You can get the podcast wherever you get your audio, and as always, if you're on a smart speaker, just ask for The Excerpt. I'm Taylor Wilson, and I'll be back tomorrow with more of The Excerpt from Paste BN.