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. for "nightly business report" i'm jackie deangelis. >>> time to look at some of today's upgrades and down grades. apple's rating was cut to market. perform to outperform at ei bern the firm says demand for the iphone x dinpped

it's been going on for months. >> john, how important -- you, vacky jackie deangelis, folks that trackhis, always watch the reports and get a sense of the overall trends how much more important these days are the u.s. shale produceproducer s in that global scheme of the oil markets and will they have as much of an effect as we think they will? >> it's been an incredible new dynamic for the market to give an antidotal story for how important u.s. shale has become, we exported cargo to the united arab emirates this week >> we exported something -- >> to the middle east. it's light oil so what the uae and others do is run it through heavier glay eiet run through their refineries >> how does that impact relations with russia and saudi arabia, which president trump has been prioritizing? >> president trump also said he wants to make the u.s. energy dominant to that extent we're on our way. harold hamm was on your air a week or so ago saying we will be a net exporter within two years. right now we're producing 10 million barrels a day, we could be at 11 million barrels a day by the nafall on

. >>> good morning, i'm jackie deangelis live at wnbc global headquarters.lls street is set to open lower this morning after a mixed session yesterday. the dow, nasdaq, s&p 500 are all on pace to break a four-week winning streak. investors are awaiting the key economic news of the week that is the january jobs report out before the opening bell. it's expected to show that employers boosted hiring last month and wages increased. the dow rose 37 points yesterday to 26,186, the nasdaq fell 25 to 7,385. watch shares of apple today, the company reported earnings last night that beat wall street's draft, even as it sold fewer iphones. it's the first time iphone sales have dropped during the holidays since the phone first launched in 2007, but apple did sell those phones at higher prices. the iphone x retails for about a thousand bucks. apple stock is higher in premarket trading this morning. >> and americans plan to spend on super bowl sunday, the national retail federation says people will spend an average of $81 or a total of $15.3 billion on food and drinks, te

. >>> let's talk more about big energy names reporting today jackie deangelis joins us on set.oyal dutch shell were able to triple their profit because of the rise in oil prices is that something we should expect from some of those 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. they'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 se

let's get to jackie deangelis with more on the slide in oil prices >> good morning. want to put this in context. commodity prices themselves are not reacting as sharply to the market selloff as many expected. oil is holding under $65 a barrel copper was up in yesterday's session. gold did not spike that dramatically either. the relative stability in commodities is telling us there's confidence in global growth and demand. copper is a widely used metric when it comes to appetite for global growth because of various industrial uses. it's up 2.5% in the last month going a step further, the energy stocks, earnings misses from exxon, chevron, hiss, they have been dragging the sector down. that drop in the xle was significant. chevron and exxon are numbers 14 and 20 on the dow. when they see losses of 5% multiple days in a row, it's an issue. for these companies, elevated oil prices in the fourth quarter alone, they were not enough to mend what was broken but still there is optimism that another quarter of higher crude prices, positive tax benefits and more time for rebala

continue to decline most analyst say expect oil prices to go with them. >> jackie, thank you jackie deangelis> it might be a week that most traders would like to forget could next week be better? we have a slew of blue chips, coke, pepsi, marriott and many many more. after this tomorrow, it's a day filled with promise and new beginnings, challenges and opportunities. at ameriprise financial, we can't predict what tomorrow will bring. but our comprehensive approach to financial planning can help make sure you're prepared for what's expected and even what's not. and that kind of financial confidence can help you sleep better at night. with the right financial advisor, life can be brilliant. at ally, we offer low-cost trades and high-yield savings. but if that's not enough, we offer innovative investing tools to prepare you for the future. looks like you hooked it. and if that's not enough, we'll help your kid prepare for the future. don't hook it kid. and if that's still not enough, we'll help your kid's kid prepare for the future. looks like he hooked it. we'll do anything... takes after his g

. >>> welcome back to the half time report, i'm jackie deangelis. futures are rallying, crossing above the 10,000 mark for the first time in two weeks. bitcoin is down 50% from its all-time highs in december did bitcoin find a floor do you see more room to fall here >> i think it might have, jackie 6, w000 was a key support level. but the factor is the lack of regulation that's on the market. congress last week said the exchanges should try to regulate themselves rather than them stepping in. that lifted a lot of uncertainty over these markets there's a few small other coins that have been tapped for payment, exchanges, things like that but the trend looks higher at this point. >> brian, what's your outlook from here? >> well, when you look at it and you talk about the exchanges and in korea they seem to be easing back off of what they were going to do in terms of banning cryptocurrency changing their tune a little bit. that took boyne higher also look at it, cryptocurrencies and bitcoin have been tracking closely to the u.s. dollar and as that sold

jackie deangelis is standing by to take us through what's happening there, jackie. >> that's right, good afternoon, scott. crude oil now off its session lows crude on pace for its worst week since last may anthony rosanti, what's your take >> reporter: production in the u.s., 10 million a day, on its way to 11, the dollar is stronger right now crude just broke through some key support level. i think it's on its way to 5,830. >> scott nations, we did test 60 today, if we get that five handle, are we going down? >> reporter: i do think we are we've been in this channel since the middle of last summer. we're now at the bottom of that channel. earlier in the day we were below the 50-day moving average for the first time since august. gris talks about domestic production we also know there are african oil fields coming on line later this year. so there's plenty of supply. the question now becomes, how much fortitude does opec and the saudis in particular have in controlling the crisis >> thanks, guys. on the live show today we're joined by christina hooper with invesco. she'll tell us why thi

. >> leslie, thank you for bringing us this interview >>> now, jackie deangelis has futures now for us >> good afternoon, scott well, crude is now off of session lows still in correction territory, though down nearly 12% from its recent highs. jeff kilberg, let's get straight to you what's your outlook for crude oil here >> i think we spent some time at $60 but last week was the most significant selling pressure we've seen in quite some time. certainly there was correlation to the stock market. but let's keep in mind we're seeing baker hughes came out with 26 more rigs came on so that goal by the end of 2018 of 11 million barrels per day in u.s. production, that's coming that's going to be the ebb and flow we also want to look at the u.s. dollar and dpchgeopolitical tenn may be rising. >> jim, do you agree directionally? and what are the levels? >> a couple of weeks ago we had a channel from 55 to 59. the market seems to be trying to get back into that, but it feels a little uncomfortable when it breaks through 59, so i think it's going to bounce from here and all the things jeff said

let's go to jackie deangelis did i read that right, jackie? just kidding how are you? >> good afternoon. crude getting a little bounce today after the eia report this morning. we saw a drow down in inventories when expectations were seasonable built. u.s. production was flat week on week exports were up, all bullish indicators you have also got the stock market moving higher today, and a dollar index that's slightly weaker perfect supportive storm in fact, the session high, oil crossed over $63 a barrel, breaking the top end of its most recent range for the close, it looks like we have a lilt less than 2% in gains. back to you. >> thank you very much, jackie >> let's get back to one of today's big stock stories, general electric these guys are making me laugh behave shares are up more than -- >> i don't know what to tell you. >> up more than a percent after jamie miller said during an investor conference they would not sell their stake in baker hughes the stock, though, is still down 13% so far this year joining us now to discuss, fast money traders, guy adami and tim

let's get over to jackie deangelis at the commodities desk >> good afternoon. crude logging another positive session, alongside the movement, we're seeing in stocks today the closing price, just under $64 a barrel session high, $64.24 interesting, the session low was $63.06 so holding over $63 to the downside now, prices continue this steady march higher as we head into the spring the feeling is demand is strong, supplies will tighten, but expectations are it may be stronger this year with trump tax policies taking effect look for a cross of $65.50 to get back to the highs we saw earlier in the year. >> thank you >>> jerome powell testifying before congress tomorrow on monetary policy. his first appearance on the hill since taking over from janet yellen given the interest rate concern on wall street, this is shaping up to be a hugely important testimony. could there be surprises joining us, the former deputy white house secretary to george w. bush. jared bernstein, economic adviser to joe biden, and steve, what does everybody want to hear do they want jay powel

jackie deangelis has the details. >> the headline, production went down slightly in january but, stillrrels a day. now production in saudi arabia up a little bit, higher in iraq, too. iran a little lower, venezuela lower as well. opec towing a line on the promised production cut. the question is, does it matter? after last week's wild ride with equities crude touched correction territory dropping from over $65 just a couple of weeks ago to 58 and change at one point. why that dramatic drop well, slight increases in the dollar index u.s. production topping 10.2 million barrels a day. equity drops that made investors pause will the demand be there to fuel this rebalance now what about opec? will prices drop more? is there anything the cartel can do to further support this market probably not cuts have been pretty painful. one of the turning points was when tax reform was announced, a i balance in stocks and a belief that it was changing enough to absorb the excess supply now doubts that that might not be the case. mid 50s, not out of the question as you can see this morning with the boun