jackie deangelis has the story from mountain iron, minnesota. >> reporter: in northern minnesota, they're blasting. digging. and trucking towards an american infrastructure revival by mining for a key component of steel. >> it all starts here with the iron ore production. >> reporter: larry sutherland is general manager of u.s. steel's mining solutions. >> we produce approximately 25 million net tons annually of iron ore pellets. >> reporter: it's shipped off to gary, indiana, where it's melted, mixed, and formed into some 300 or more types of steel, which is then trucked off in massive coils to be cut into parts for products from ovens to cars to buildings and bridges. >> it's impressive, the products that we make here that helps support american families. and the things that they use. >> reporter: the steel industry has faced its share of competition from overseas manufacturers. among the challenges, what it says are anticompetitive trade policies and foreign government subsidies, which makes some grades of steel cheaper. but all that could change. >> steel made in this country and pipe

i'm jackie deangelis at cnbc global headquarters. cvs is getting rid of the canty counter.usa today" says they plan to give more room for nutritious health foods and products. they'll make the changes at several hundred stores by the end of next year. it's reinventing itself. with your cnbc morning business report, i'm jackie deangelis. >>> it is 6:56. here are 4 morning. the secret service has permanently shut down the south lawn fence. follow megan mcgrath on twitter for more. >>> president trump will meet with the italian prime minister at the white house today. they'll also hold a joint news conference. stay tuned to the "today" show for a look at the day ahead including the administration's tough tone on iran. >>> today we should learn more about the new overhaul plan metro's general manager is laying out. we do know that metro wants $15.5 billion over the next ten years to improve reliability. the nbc washington app has more details on the funding proposal. >>> good time to be a d.c. sports fan. the capitals coming home after tying up their playoffs. the nationals hit

let's get to jackie deangelis with that story. >> good morning.quity markets very focused on the action in crude yesterday. a $2 slide it seems like it was testing 50, but perhaps an empty threat because we are getting that bounce from the middle east where you mentioned some big owe pk pl opec players are signaling an extension of the opec supply cut. this has been rumored for quite some time. we won't know more about it until the may meeting, may 25th. some people are saying why would the opec members want to extend this supply cut when shale producers are pumping up? that's part of what drove down the price yesterday. you have the noise out there and the supply/demand fundamentals. when it comes to the noise, it's geopolitics, opec. supply and demand, there's too much crude oil out there. back to you. >> what should we watch for, for the next driver of crude oil as we key in on this $50 a barrel level? >> you have to watch the headlines. this morning the opec producers have a lot of power. when they speak, people listen. that can move the price

for that and more news before the bell, we turn to jackie deangelis. good morning. >> good morning to you. let's start with the markets first. we are looking at futures pointing to slightly positive open this morning. this after the markets ended slightly positive yesterday as well, breaking a two-day losing streak. higher by energy stocks as oil prices rebounded. but investors are coshing ahead of president trump's meeting with china's president this week and the jobs report. the dow rising 39 points yesterday, 2,689 -- excuse me, 20,000. nasdaq up nearly four. amazon has ended a legal fight with the federal trade commission. paving the way for up to $70 million in refunds for in-app purchases made by kids. last year, a judge ruled amazon didn't do enough to warn paints that some of the free apps could still cost money or offer a safeguard before the purchases were finalized. finally, payless shoe source has filed for chapter 11 bankruptcy protection. it's the latest retailer to fall victim to a decline in mall traffic as more consumers are shopping o

back over to you. >> thank you, jackie deangelis.nnouncing new salary clawbacks of $75 million from two former executives over its fake account scandal. wells fargo's chairman steven sanger joined cnbc earlier today exclusive with wilbur frost. take a look at what he had to say about why america's top banker kerry tollstead is being blamed for the scandal. >> root cause of the issue as determined by the investigation was the excessive sales pressure in community bank, the excessive sales goals, and the failure to escalate the problem appropriately through the structure of the community bank. and kerry is a lead -- the leader of the community bank is responsible for all that. >> influential proxy adviser institutional shareholder services has been urging investors to vote against 12 of 15 wells fargo board members including the chairman, who you saw speaking right there. joining us is pat mcgirn. he's special counsel and head of strategic research and analysis at institutional shareholder services. pat, good to have you with us. >> ni

to jackie deangelis for news. >>> good afternoon to you. baker hughes out with its weekly rig count numbers. five oil rigs were added for the week taking us up to 688. the 14th straight week that we've seen rigs coming online, up 345 from a year ago, that's adding to the pressure here you're seeing in oil. 49.33 right now, session low 49.20. oil is on track for its worst weekly loss in about a month, 7% decline we're looking at right now. and this is part of the problem taking us under 50 here. while the opec producers have cut, you have the u.s. producers ramping up. back to you. >> jackie deangelis, thank you. >>> still ahead, macy's new man in charge makes his it tv debut here on "power lunch." how he plans to steer macy's through the retail rut. an exclusive interview with jeff jeanette. back to michelle and the battle over the presidency in france. michelle? >>> hey there, melissa, there are so many similarities in france to what happened with prex it and president trump's election in the united states. deep unhappiness among people wh

i'm jackie deangelis.ting a one-month high today briefly breaking above its 50-day moving average for the first time since early march. scott, you say that crude is actually in a big channel to the upside here. how much more room do we have to run? >> that's right. big upward channel. the bottom was put in last summer. and now that we see owe peck is actually doing a good job with cutting production, we're continuing to continue upwards. i think what we see now is the top of this channel would be up maybe another 10% for crude oil. >> all right, brian, we're looking at prices just over $51 a barrel. do you agree with scott, another 10%? >> i don't know about 10%. it seems once we get up to the $53.50 there will be selling pressure. the oil producers really look to hedge themselves and sell off, short the futures, turn around and meet the futures obligations. even if the rumors of opec extending cuts or what not, once we get the $53 to $55 range, that's a time guys are going out and shorting the you futures

i'm jackie deangelis. crude oil bouncing around and hovering around a four-week low.rns mount about opec's ability to cut global production. just pennies above 49 cents a barrel. are you a buyer or a seller here? >> i am closer to being a buyer. i need a couple things to happen. the bearish rhetoric has gotten loud including the talk of shale producers coming back online because they believe that the saudis have so much motivation to keep it higher. when we start to really pile on the reasons why it should go lower, it's probably to the lower end of the range. >> scott, crude dipped below its 200-day moving average. what are the levels that you're watching right now? >> fundamentally it's in tough shape. technically it may be in even worse shape. we're at the bottom of the channel we've been in since the lows made last summer and we're right at the 200-day moving average. if it gets much below this level a double whammy technically. >> reporter: today the crude oil conversation going plus we're joined by the editor and publisher of the gloom, boom and doom report, the

let's get to jackie deangelis for a news alert. >>> good afternoon, melissa. we are seeing oil prices come off a couple pennies after baker hughes came out with its weekly report. we went up ten oil rigs last week to 672. that's up more than 300. this is the 12th straight week we're seeing it increase here that would be bearish for oil prices. not really having an impact today. that probably will continue here but these numbers are something to keep an eye on when you think about the supply and demand ballads. geo politics. >> thanks, jackie. >> betting on the banks. the sector had a nice rally but is it about to get derailed? the banks haven't even done as well as some had hoped by now. should you get in or stay away? that's still ahead. air line jobs taking off. what kind of jobs and how much do they pay? we have where the jobs are segment. first, though, the latest on the u.s. air strikes in syria. where do we go from here? ♪ ♪ welcome to holiday inn! ♪ ♪ thank you! ♪ ♪ wait, i have something for you! ♪ ♪ making every stay a special stay. holiday inn, smile

back over to jackie deangelis for the inventory report. >> all right. i'm not jackie of course.hat. we'll get back to her later. let's get to the ipo here at the new york stock exchange, one of the largest trucking companies in the united states. schneider national went public not long ago. joining us is the ceo of schneider national, chris lofgren. this company has been around since 1935. >> that's right. >> now you're public. why the choice to go public? >> we have a number of things we have done over the past couple of years to really grow and grow through acquisition and organically. it was an opportunity for the family to now start to move the ownership into the fourth generation. and so separating those two things and letting the market help that process was just the right time to do it. >> so you have selling shareholders here that are the families that ben friefit from ipo today. >> yes. >> you're raising money to pay down debt and do a few other things. >> yes. we had two acquisitions last year. so we're paying down that. we're -- we have some longer term debt we'll get

and closing trades from jackie deangelis at the commodity desk. >> good afternoon.ing this morning for the crude trade seeing a little tepid gains here at the close. just over $51 a barrel. session high $51.88. for the week, crude up more than 3%. what happened today, department of energy number. a build of 1.6 million barrels in stead of a drawdown. last few weeks seeing the draws. seemed that seasonal pattern was established. this threw a wrench in everything today. still you can see crude is supported at these levels. back to you. >> jackie, thank you very much. >>> president trump meeting today with the king of jordan, but an even bigger state visit comes tomorrow when china's president visits mar-a-lago. many important issues are on the table including job, trade and north korea. for the past few years global markets and your money ben bitted from one big trend. investments in china around the world. capital limits to containing that. a lawyer and chairman of the global equity practice, long time friend, mark, welcome to the program. you're headed to china in a

now to jackie deangelis. >> good morning.session highs after the department of energy came out with the weekly status record. so crude oil inventories a build of 1.5 billion barrels. the api set us up for a draw last night. the gasoline, a drawdown is not supportive either. we were looking for a steeper draw. this is the time of the year that we start to see more churning of product as we head into the summer driving season. it looked like the past couple of weeks we were getting there and this week the data is defying the odds. $51.44. back over to you. >> all right, thank you very much. we'll watch for the impact on the invin tore number on equities. jackie mentioned oils coming off the highs. still up 171. of course that inventory number going to collide with api last night which did see a draw. >> helped crude oil prices. retail has been underperforming with american imports from china having the largest one month fall on record. the president's meeting with xi jinping tomorrow and friday comes as the critical leaders are

. >> jackie deangelis.o you later on. >>> when we return, richard haas, we'll get his reaction to the issues this morning. tug of war, banks are down, semis on the upside. >>> the u.s. launching the missile strike on syria last night, joining us with the latest is matt bradley who is live in beirut. hey, matt. >> reporter: hi, thanks for this. we just wanted to bring you a -- you up on the latest on what's going on. the reaction has been flowing in from around the region, not just from within syria. the government has called this very irresponsible, but of course those elements within syria who are fighting against the government are offering fulsom praise for donald trump, a man who said he wasn't going to be intervening in syria and he called out bashar al assad as a potential partner in the fight against global terrorism. now elements like ahrar al sham, a far right islamist group very much opposed to assad praising any american intervention they can go. turkey, israel, they're all praising this move. of

jackie deangelis has more. she can jump in on the conversation. >> good morning. another support was tested yesterday indicating a lack of confidence in oil's recent rise. a rebound today after saudi arabia and kuwait say consensus is building to extend that opec cut. we saw almost a $2 drop on the back of that crude inventory number. this time of year we should be seeing a bigger cried turn as the summer driving season is around the corner. when the market does consider supply and demand the signs are not that encouraging. u.s. production is climbing. the big question now is this, will opec extend that cut? the secretary-general said it is too early to make a call. the next opec meeting is a month away. second, will geopolitical tensions be an issue? could the iran deal be revamped? keep an eye on washington. and is a rebalance panning out as wall street expected? the figures not signaling confidence. back to you. >> thank you for that. >>> we'll check the markets. >> let's look at things. joining us to talk about the markets is jeff saud. and raymond joy also jo

want to get to jackie deangelis. >> good morning, andrew. the news of the air strike in syria, crude did move up to just under $53 a barrel. the highest level that we've seen since early march. this morning, coming off a little bit still supported. so far this year, of course, the oil conversation has tend to be around supply, demand dynamics, and there's been less focus on geopolitical risk than we've seen potentially in the past. but, military action in the middle east has a way of heightening concerns about supply disruptions. remember, in this case, the concern is less about syria directly, not an oil producer, but more about disruption potentially in the region. it's also about what the russian response will be longer-term. oil prices were already on the rise ahead of the events last night. seasonal trends taking the market back over $50 a barrel. but this is exactly the kind of issue that not only leads to support to that momentum, it also could move prices very high and quite quickly. right now, though, the markets seeming measured. >