Hi from CNN this is Madeline Thompson with the five things you need to know for Monday

August 5th.

Vice President Kamala Harris is preparing to announce her running mate, but her economic pitch as the new presumptive

Democratic nominee just got a whole lot more complicated. Stocks around the world

plummeted this morning as fears of a US economic slowdown sent shock waves through the markets.

CNN political commentator and Republican strategist Sir Michael Singleton explained how this could

affect Harris's campaign.

This definitely makes it difficult to make the case in the argument that

Biden, if you will, is working for the average American family.

If this was to continue, lenders are going to tighten the belt.

We know that of significant percent of middle class people

are relying heavily on their credit cards right now.

That's going to become harder for them.

Banks are likely going to be more careful in terms of deciding who to lend to and

who not to lend to in regards to small business owners, individuals trying to buy

their first homes. Imagine if you're a young person looking in the market.

So I think this hits against every single

thing the vice president will attempt to argue that Biden over the four years

with her as vice president has done well for the average person economically.

Hurricane Debbie has weakened to a strong tropical storm as it moves over northern Florida packing 70 mile an hour winds.

But the slow moving storm could still dump potentially historic amounts of rain on the region in the next few days.

CNN's Derek Van Dam has more.

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