u.s. chevron and france's to town to exploit the field other big players include exxon mobil russian oil and british petroleum. but the world's second largest oil company royal dutch shell was less optimistic about the field saying it wasn't profitable enough it's pulled out and plans to focus instead on gas production. building nations to cleaning up all streets a story for those too lazy to find a bin for their trash and jenin city is taking on the disposable coffee cup culture and it's burned up quite a nice idea. street sweepers in hanover have had enough of disposable cups with all too many pedestrian simply dumping them on the street as soon as they finish their coffee the explosion of coffee takeaway outlets in recent years has unleashed a steadily growing flood of extra trash. and for cups take up a huge amount of space in trash cans it only takes four or five large ones to fill up an entire sack. but that is an enormous number of cups we get nowadays is just huge every kiosk every cafe sells them and it's causing enormous problems here in hanover. on average hanover is half a millio

exxonmobil and chevron, the country's two biggest oil companies reported profits that miss expectations despite a climb in crude prices in the middle east recent quarter. xon's business in the u.s. continues to struggle losing money for the 12th consecutive rt qurer. the t worst performing stocks by the way on the dow. jackie deangelis has more on big results.ggy >> reporter: even with crude oil over $60 a barrel, big oil is struggling. those higher price were unable to offset weakness overseas for exxon and chevron. theirs earnings misseare troubling. energy was an underperformer last year. this year the thought it would be different because oil prices are on the rise but that might no enough by itself. on the bright side both companies saw benefits from the new tax laws. exxon is expected to increase spending by $50 billion over the next five years, toevels not seen since owas over $150 a barrel. conoco phillips attempted to focus onnd marginseturns for shareholders. exxon and chevron could continue to benefit from higher prices. this week, goldman sachs raised its oil forecast. while the road to recovery may be slow some fee there could be a light at the end of the tunnel. f

u.s. names today? >> it's one of the issues. three things you need to watch for that the street will be looking for from exxon and chevron today.hey'll look to see if there's a benefit from higher oil prices if they were higher for a quarter, that helps. but it's not a long-term boost for these companies. the second thing they're looking for is guidance or commentary on how tax reform will impact these companies as they go forward conoco phillips yesterday had a deferred cash profit and said they would take about a 900 billion deferred revenue charge because of the deferred tax plan there. the thirdthing is regulation president trump is saying he's going to make it easier for companies to explore and do production, but they have to be careful that they don't overproduce. the eia monthly numbers said we're at 10 million barrels a day. we have not seen that since 1970 we could be the tipping point that pushes prices back down if drillers are not careful they'll look at the fourth quarter, wanting to see numbers beat expectations or be in line. but they want to know what's happening going forward. who is the winner when it comes t

electric which has cut its dividend trying to do restructuring, exxon, chevron , we know energy has been under pressure as we've seen more u.soduction. those are some of the names that are in correction territory, so we'll continue to follow this the traders keeping up with the volatility but the vix is key to here. back to you. neil: nicole thank you very much i want to go to charles payne. charles hates when i say that because you're telling people that i'm all, charles is old he's old like me so we're one of the seasoned here. good to see you my friend. charles: thanks. neil: is it a big deal that we closed some time, 10% from our highs just to get to so-called flushing process done? what do you think? charles: i think that it's a big down. i think it would be pretty good and we've got to remember the last time we went through something like this although maybe not as many days as brexit and it sort of, you know -- neil: that came and went. charles: it came and went and -- neil: that was what june of 2016 charles: yeah, so it was pretty swift and we went over 400 trading sessions without this 5% correction and now we're l

u.s. dollars makes commodities more expensive for foreign buyers positive in 2018 a look at exxonmobil, chevronnce in japan today, on his way to olympics south korea delivering a tough message for north korea pence says doesn't want north korea to hijack the games because it is participating on a joint team with south korea. vice president is bringing the father of otto warmbier american college student in north korea 17 months and died last june, pence also visiting a memorial to the 46 south korean sailors killed in 2010 torpedo attack attributed to the north. maria: we want a break look at futures as we go to break to look at this performance after month's 1100 point sell-off in. dagen: expecting yellow to open down almost 300 points better than 1% s&p down there quarters of a% as nasdaq you been cuban speaking out billionaire comrur is not worried about the dow plunge yesterday, back in a moment. today, the new new york is ready for take-off. we're invested in creating the world's first state-of-the-art drone testing facility in central new york and the mohawk valley, which marks the start

chevron and exxon earnings from earlier today. also lower oil prices in spite of what's happening with the rest of the market we values the u.s.th is take its toll on oil prices as well the one thing i would point out is that per courtney's retail side of things, consumer discretionary stocks are holding up relatively well they're slightly lower on the day and we know why, because amazon says doing heavy lifting on the upside on that front. back over to you. >> dom, thank you. dom chu. joining us now is the managing partner with cornerstone wealth and peter costa, a cnbc contributor. i want to start off with you, peter, what's the view on this selloff? what wins out? down 500 on the dow investors step in or are people too spooked by rates going close to 3% >> i think it's more about rates than anything else and like was said earlier, there's an inverse relationship. you see the yields going up, stocks going down. normally the equities have gone on their own path but the last couple days it's been all about rates. that will continue i think we will hit down 500, maybe a little more. >> today. >> i think depending on what the cl