[Carol Costello, Cnn Anchor:] Opening Bell has just rung on Wall Street and, guess what, the Dow is already down 100 points. So we're wondering why. Let's head to the New York Stock Exchange and Alison Kosik. Good morning.
[Alison Kosik, Cnn Business Correspondent:] Why? Well, we've got a litany of weak economic news. Weak earnings news first. A report, Carol, on regional manufacturing showing a big drop last month. What that's doing is raising concerns if the manufacturing sector is moving forward. How is it doing? Then we got earnings from Cisco and CEO John Chambers saying, look, the global economy is what he calls challenging and inconsistent. Cisco announcing that it's cutting thousands of jobs because of this uncertainty. Then you've got Wal-Mart. It cut its earnings, its sales outlook for the rest of the year. This really is a familiar story. The challenging economy. So you roll it all together. It doesn't paint a good picture. The economy clearly is still in a precarious position. We see it growing but it's not growing quickly. Yes, it's adding jobs, it's just not adding enough jobs. So news of more weakness, not just here, but abroad is causing investors to sell. Right now we see the Dow Jones 159 points, just about four minutes into the trading day. All 30 Dow components, all 30 Dow stocks are in the red. We are watching Cisco shares drop more than 6 percent. Carol, Wal-Mart shares down 2.5 percent Carol.
[Costello:] OK. We'll check back with you. Alison Kosik reporting live from New York Stock Exchange.
[Announcer:] This is CNN breaking news.
[Costello:] All right. A bit more information on our breaking news this morning. President Obama set to make a statement on the violent and bloody situation that's going on in Egypt right now. Dan Lothian is in Martha's Vineyard where the president's vacationing. Any more word on exactly what the president will say?
[Dan Lothian, Cnn White House Correspondent:] Well, we know that the president will be speaking about the violence in Egypt. What's unclear at this point is whether or not he'll be announcing a policy shift. A couple of things outstanding. First of all, the White House has been unwilling to this point to label what happened in Egypt a coup, saying that it would not be in the best interest of the United States. So will the president shift on that? Also, the more than $1 billion in aid that the U.S. gives to Egypt each year had been under review. Will the president now come out and say that based on the review, based on the violence on the ground, that they now plan to halt that assistance to Egypt? We don't know. We await the president's remarks that will come in about 45 minutes or so. They're being taped. It's happening at the president's residence, which is about 20 or so minutes away from here in Chilmark. And so we'll wait to hear what the president has to say on this. Will he come out and just say that the U.S. condemns the violence, calling for restraint, calling for the military interim government to respect the rights of the people there, or will he come out with a shift in policy. And that's what we'll be waiting to hear.
[Costello:] All right, Dan Lothian. And, again, we we expect we'll be able to hear the president's statement around 10:15 Eastern Time. Still ahead in NEWSROOM a tearful Debbie Rowe tells the court how doctors took advantage of Michael Jackson. We'll be back.