cfos are thinking there could be some bumps ahead >> jackie deangelis, thank you >>> now time for thes. courtney reagan joins us around the desk >> good morning. guess what's coming up fourth of july you have travel plans? >> i do. i'm driving. >> i'm driving as well >> i'm flying. we're a part of the trend here it will be a busy day for the roads, rails, airports aaa says it will be a record the highest travel volume that aaa has seen in 18 years of tracking this data this is despite the higher gas prices you guys are both hitting the road up nearly 60 cents from this time last year the national average is 2.87 it was 2.28 a year ago >> that's got to be a good sign, that consumers despite the jump in gas prices, they'll hit the road >> or else everybody just needs a break. >> i think it might be more of that the idea we're willing to spend on that because we want to travel and see friends and family, as opposed to spending it on other things >> experience spending for some of us. >> big trend in the world of travel >> dom, you like live sports, golf is up your alley. no mascots in go

a year ago question is how quickly they can scale it meg tirrell, thank you >>> let's get to jackie deangelisi want to point out oil backed off a little since we got the state department headlines talking about waivers, saying they could be granted on a case-by-case basis eamon was 100% correct in saying this has been push and pulling the oil market all week, people thinking iranian oil could evaporate into thin air by the november deadline that the state department set. >> it's actually, perhaps, complicating things even a little bit more. we don't know the criteria on which the state department will judge which countries will get a waiver and which won't there are some who are saying wti seeing a more than 10% increase to try to tamp the market down. a couple of other reasons you can see prices staying elevated. we're heading into the fourth of july don't discount that seasonality fact factor it's big and at play here certainly. also an outage in canada people are watching closely that could take barrels offline. when you look at the overall supply in north america that could be why prices

jackie deangelis is suited up with more. hey, jackie. >> reporter: good morning to you, guys. big day here at u.s. steel in granite city, illinois. as you said, this plant has been closed for three years it's rebooted, reopening and starting the production process today. now the american steel industry has been praising president trump's efforts to help level the playing field for the industry, since he took office first, that eo saying steel for pipelines needs to be made in the usa, not imported. then in section 232, imposing tariffs, strong demand has helped this company, too this is an american revival story. it's a jobs story. 500 people are going to be working at glass furnace b some of them are rehires some are new hires when blast furnace a starts up, another 300 people will be hired. there's a significant impact also on the otherall community >> the huge impact on the community when the steel mill is shut down, businesses close, crime rates go up. all kinds of problems. it's a wide impact on everything, the whole economy. the feeling here, the energy here when it waso

jackie deangelis spoke to the u.s. steel ceo earlier today jackie >> hey, melissa. well, u.s. steel is bringing one of its steel plants back online today. that's one step in its steel revival. the ceo telling me trade war, what trade war we've got that story when "fast money" comes back. well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the eaings tool from td ameritrade. is coming to theaters jurassic on june 22nd. kingdom and now xfinity customers can get movie tickets by using their x1 voice remote. get tickets. don't miss it. because at the very end

i'm jackie deangelis this is futures now.ng another check on crude oil spiking 3% as the use pushing allies to cut their iran imports to zero. oil surging above $70 a barrel for the first time since may jeff, let's start with you should we expect more gains as pressure mounlts on iran >> jackie, short term, the answer is no $2.50 move in the crude oil today, sensational you see that volatility come in due to the fact that, yes, we don't want iran sell any crude oil. however, as it shakes out with china, the reality is maybe that's not actually going to happen the narrative we have been talking about about crude oil, let's remember, it was at $64 a couple trading sessions ago >> all right, jim, oil broke 70 today, what do you think the next stop is >> i think the break of 69.5 for friday's highs is a big day. i suggest that we head up to 74 or 75. when we consolidated from friday i didn't think the story was fundamental bullish. i was kind of in denial in my head but with in move today, forget it. now, it could come back down

look at that jackie deangelis, we blinked, and oil is higher again. >> i have that effect. headline on oil is that it is absolutely defying gravity, but there's specific reasons for that the first is that the market looks at the opec deal it doesn't think the barrels that will come back online are enough to make up for the short fall that we could see from iran remember, coming from the state department there will be a bit more pressure there for countries to cut their iranian oil imports. add to that the fact you have a robust summer driving demand season in the united states. you can see wti is not only over $70 a barrel but had a 10% gain in the last week alone getting very close to actually the price where brent is trading. traders telling me we sort of got caught on this one we didn't think it was going to move so far so fast. now that it has, there's momentum in this trade you break through some of these technical levels, you continue to keep going higher then you get shorts covering because they're worried about where the price will go. with the strong demand we're s

let's go to jackie deangelis for breaking eia data. >> the data was out about ten minutes ago.lly important you can see accelerated losses in crude oil a surprise build of 2.1 million barrels in crude a surprise build of 4.6 million barrels in gasoline. this is the time of year you expect to see draws in crude producing more gasoline as drivers hit the road for summer driving season that doesn't seem to be happening here which indicates that potentially the market is still churning through excess inventory. 10.8 million barrels a day, that's on the rise and there are concerns that in two weeks when opec meets we'll see more barrels come online there as well that is why crude is trading under $65 a barrel and brent under $75. i'm going to send it back to you at post 9. >> all right thank you very much, jackie deangelis. interesting how the inventory number was off by such a large degree versus estimates. 200% >> we'd already seen the airline stocks weak this morning one area to keep an eye on with those fuel prices potentially. >> delta remains in the red as they warned on q2 nu

i am jackie deangelis. s start with you crude is down 11% from its 2018 highs in may what's the next move >> jackie, it has been a sensational wash out extra out put coming out of the market between opec in russia. i think a lot of the speculations have moved prices under $56. we have a great dialogue between the trump administration and the saudis therefore, i think markets continue to move higher in crude oil. >> chris, let's go to you. >> what are too key levellerss o watch. >> there is a bunch of top and bottoms in that spot, that's why i have my support. opec actually left the production quote is unchanged. we are in the season demand for gasoline and products. it has been very high and the refinery margins are very high you are going to see crude draw over the next few weeks and demand will be high and prices will go along with that. >> we are joined by david stockman and louise yamada l trade after thck with the "halftime report." >> corrections are prompted by a consensus that the markets are in an u

seema mody >> now for a check on bitcoin futures, we go to jackie deangelis. >> cme and cboe futures their lowest levels since february this amid rened scrutiny of all crypto space let's start with you is the bottom finally in here? >> well, you know, iyou look at the trends here in bitcoin, we are probably looking at $6,000 as the low end of this trend that it's been going towards. i know there's a lot of talk with this manipulation from some professor who probably hasn't traded any significant amount of money making claims, but the point being is if people were producing tether to buy bitcoin, to me it seems like tether should go to zero, not bitcoin i think it's far-fetched to make that when you're looking at the conditions, volatility is subsiding in the marketplace in stocks it looks like 'll get another great earnings quarter in july if the fed is not aggressive, we'll get low volatility through the summer and people would rather be invested in the stock market than bitcoin. i think that's what's really going on bitcoin probably trending to there $6,000 level seems to be where

clearly doing an excellent job in risk management >> wheat futures are seeing a big move today jackie deangelis didn't miss it. >> that's exactly right. we wheat prices soaring 3%, best day in three weeks brian, break down what's driving the move a weaker dollar could be a factor, right? >> well, it definitely could be a little bit of a factor as we have seen the dollar back off a little bit, driving this but this wheat trend has been going on for let's call it three or four months after its lows. and continues to be. and i think the pop we're seeing here is traders looking at a bottoming area to pick look, we had a little bit of supply concerns out of russia and australia due to weather concerns there demand continues to be great globally gdp growth in many emerging market worlds. a lot of that driving. if we ever get china to buy wheat, they'll have to buy it in terms of dollar terms which is going to drive the price of wheat in dollar terms higher here all of that is a bull trend. >> scott, you have been looking at the chart as well you see technicals are driving the trade. explain how. >> t

i'm jackie deangelis this is futures now.per is tracking for its best week since february trading near its highest level of the year. jim, you pointed out this comes amid ongoing disruptions at the world's largest copper mine in chile. are you buying this? >> no, i think it's already priced in. when the story broke at the chilean mine -- it's not insignificant at all but the issue i have is that the market prices in the worst case scenario right off the bat i think that's why we have this run. i think it's going to go 334 but not through. i think it's more to the upside rather tlan the downside. >> what about you? >> when you look at the charts from a technical standpoint the chart has been beautiful over the last two and a half years, a huge head and shoulders bottom occurring arc breakout through 275. now great consolidation around the $3 level the breakout, call it the miners in chelen, but the global growth story is still on. imas soon as i get off the show i want to buy those copper futures. i think they are going to 335

treasury yields on the rise ahead of the fed let's bring in jackie deangelis and the futures now tradersor more >> hey, scott. that's right the ten-year yield within striking distance of 3%. meanwhile, the more fed sensitive ar yield trying near its highest level in three weeks. anthony, let's start with you. the fed virtually guaranteed to hike rates tomorrow. how are you trading the ten-year note into the decision >> yeah, it looks like it's going to happen. what will be interesting to see is whether or not we have one or two more rate hikes thisear. now, inflation numbers come out today and tomorrow so that will give the fed guidance on what to do going forward. the other thing, jackie, is i don't think traders are worried about 3% it's the rapid rises that they're worried about. 3%, 3.05%, they're not worried about that as long as it's an orderly fashion. something spiking up, then you have me worries. >> jim, out to you you see the ten-year yield rising north of 3%, what are the key levels we have to watch? >> it bounced nicely and now it's heading higher. it heads back to the high

jackie deangelis is here in new york and kayla tausche is in washington kayla, let's start with you.ident trump late yesterday directed to find $200 billion followed by another $200 billion in chinese imports to hit with a 10% tariff if china keeps threatening to retaliate in response to u.s. tariffs as china did friday the white house statement says china clearly indicates its determination to keep the u.s. at a permanent and unfair disadvantage further action must be taken to encourage china to change its unfair practices a policy slapping tariffs on $250 billion or more would engulf a large portion of chinese goods coming into the u.s. and u.s. trade representative would be hard pressed to limit the impact on consumers and prices china only imports $130 billion in u.s. goods, so it couldn't retaliate dollar for dollar, but it says its response would be qualitative and quantitative some investors fear china could sell treasuries or devalue its currency president trump still appears interested in making a deal. the white house will appeal to gop senators on wednesday trying to tie t

happens now it's we're getting closer to the pedal mooelt meets the metal, rubber meets the road jackie deangelisa lot of attention has been on tech and industrial stocks with exposure to china, energy also on the downside group of stocks is down as much as a percent in early training what's driving this action today? the trade dispute. crude prices that opec and russia will gradually increase their profit and potential losses for iran. back to you guys. >> thank you, jackie >>> "squawk alley" starts in a few minutes. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com >>> good morning it's 11:00 p.m. in beijing it's 11:00 a.m. on wall street and "squawk alley" is live.

. >>> time for our etf spotlight we'll turn to jackie deangelis looking at oil today >> energy certainly after u.s. crude prices spiked almost 10% in the last week alone. think about that for a second. notice how much more wti has moved in a week than brent has the moves higher are not all opec related also a contributing factor, the iran news yesterday that the u.s. surge allies to cut imports. and consider the technicals. he levels have been breached that tends to strengthen the up side momentum. inventories are drawing down as they typically do during the summer because demand is higher. more upici side to come. last night's numbers showed a drawn down of 9 plus barrels meantime the energy stocks are seeing a boost from this the etfs all higher today. the xle, xop, oih are collectively covering exploration, drilling, servicing, gains across the board, guys. >> thank you, jackie >>> we're only halfway through 2018, but m&a volume in the u.s. set to hit a record. already topping a trillion dollars. here to shed light on what's to comehis year asmark the halfway point is mark schaeffer h

know it >> weeks, months >> we've got weeks ahead >> okay, thanks, david >>> our etf spotlight, jackie deangelisthe energy sector with wti crude hitting its lowest level since mid-april. >> crude prices did fall they're bouncing back a little in this session, still range bound ahead of the opec meeting on friday. a little stronger dollar, a residual effect of currency moves based on china trade fears. then reports that opec m only raise output slightly friday. maybe half a million barrels a day. the market doesn't feel that would move the needle that much. wti and brent are in positive territory despite being down over 8% over the course of the last month how is this impacting energy stocks they're slightly higher this morning. xle, that's trading higher s&p oil and exploreeration a couple things to remember here, even if opec raises output and the dollar strengthens, you're still in the thick of summer driving season. that has an impact on demand we're starting to see that in the weekly inventory numbers those factors could potentially cancel each other out, unless any of them becomes extreme i

jackie deangelis has the news there. >> ahead of friday's opec meeting all kinds of headlines comingvienna the cartel may not be able to agree on an increase in output if certain members want that increase, those members can walk away from the deal bottom line, no consensus, opec doesn't have to do anything on friday meantime, here in the united states, more than 5 million barrels drew down in inventories and u.s. production was weak 10.9 million barrels a day the market like that even with today's gains both west texas and they're in the center of the recent range around 65 and 75 respectively, guys >> thank you very much, jackie >>> so, there's new data out today showing that chinese investment in the u.s. dropped to a seven-year low in the first half of this year. that's accorng to rhodium group which monitors greenfield investments in the united states that's when you build it instead of buying it it shows the dropoff in stark form the mergers and acquisitions and greenfield investments fell to only $1.8 billion. a drop of more than 90% from the first half of 2017 when you accoun

actually only slighter lower on the week, guys >> jackie deangelis thank you. >>> now to meg tirrellho has a market flash for news dialogue semiconductor, that company said to be in deal talks with apple supplier sin apartmentics according to bloomberg citing source sin an tech surged on the news we will bring you more on that when we get it another piece of news to draw your attention to. eu anti-trust reg will iters apparently set to clear without conditions comcast's bid for sky. according to reuter's citing sources. a couple market flashes for you there real quick. >>> the dow is taking an afternoon turnaround it's now on track for its best week in three months where are traders slugging off all the trade tariff fears and all the events next week yet to come. >>> plus, what could add $1 trillion to the american stock market in the next decade? experience the thrill of the moment with the lexus is. lease the 2018 is 300 and is 300 awd for these terms. experience amazing at your lexus dealer. anyone can get you ready, holiday inn express gets you the readiest. because ready gives a

. >>> oil's rally fuelling the energy names jackie deangelis is tracking them all. >> we are trackingdlines as well that u.s. and russia's top energy officials are reportedly set to meet next week. rick perry and alexander novak opec deals pushed oil prices to their best day since november of 2016 energy names swinging to the upside devin energy and hess. those names are all among the best performers in the s&p 500 finally, take a look at shares of marathon oil. on pace for its best day since march of last year guys >> jackie, thank you oil the commodity is rallying following opec's deal to raise outpet we are live in vienna. >> melissa lee, if you could make sense of it maybe we should get together and talk about it it was a weird day all around pt it started with a rugby scrum in stare well with 260 journalises jockeying for position and ended with an opec increase, not an increase at all but rather the cut of a cut in custom the market was disappointed. if you followed all that, you are better than i am opec had a cut of 1.2 million barrels per day. everybody was overcutting. overc

financ also a nice boost let's go to jackie deangelis >> crude prices fell again today.crease in u.s. production 10.8 million barrels day. this is the time of the year you'd expect to see the opposite which suggests that either demand isn'ts stngs antipateor thais still excess inventory to work through. wti down almost 5%, brent about 3% and we're closing under $6a barrel >>ilities in the red tod down 5%. and one of the worst performing sectors this year. there are some big issues facing the sector, aging infrastructure, national security concerns, pushing for cleaner energy by the administration at the same time -- excuse me, trump administration easing regulation on coal and nuclear so where is that heading joining us is lynn good from duke energy. great to have you with us. >> thank you so much it is a pleasure to be here. i'm joining you from san diego at the edison electric institute annual convention. >> i'm sure a lot of you guys there are talking about what is going on with infrastructure when the administration talk about infrasuctu spending, usually bridges, ro

let's get to jackie deangelis. >> hey there, melissa.de oil spiking more than 3% today, crossing over that $70 threshold it happened on these headlines from a state department official saying that the u.s. is going to push allies to cut oil imports from iran to zero. this is one of the reasons that opec felt this pressure. tempering swings like this but the market still reacts of course session high today, $70.64 also notice that the spread between wti and brent is closing in from about 10 last week to 5 now. tells you that wti is more in favor than it was. >> big moves there thank you, jackie. >>> harley davidson, an iconic american brand, feeling the wrath from the president today so what happens to companies a few months after being targeted by the president let's bring in phil lebeau from chicago who of course has also covered boeing, the airlines, et cetera. hey, phil. >> reporter: lots of companies that have been targeted by the president in the past when it comes to tariffs and tweets. let's start first off with the commenthat got

. >>> oil another big story today spiking to a new 3 1/2 year high jackie deangelis is at the commodity desk >> crude prices hitting $74.03 they are backing off a bit, but still in positive territory. the issue of waivers from the state department for countries importing iranian oil has been central to this trade all week more iranian oil could come off line that is more oil than the opec increases last week could cover. what are we hearing today? that state might work with countries that could keep more iranian oil around but traders say it also adds a little confusion because they don't know the details or how it will play out. two other reasons, demand is alive and well and an outage at a canadian facility, it may be longer than folks are expecting. bottom line, momentum is to the up side and deep in mind that the weekly gain in wti is almost twice what we're seeing in brent. so clearly issues close to home are having an impact here as well as global ones. >> thank you >>> the dow earlier touching its low heest levels since early may and trying to avoid its 11th down day in 13 plus t

. >>> firing up a facility that has been closed since 2013 jackie deangelis joins us from granite citymorning >> good morning to you, becky. this is really a historic moment here as you mentioned, blast furnace behind me has been idle for three years. it is starting production today. now, the company made the decision to restart this facility in march. it takes about 12 weeks to get a furnace like this back up and running. anticipated demand was part of that decision, but also president trump's section 232 policy certainly played a key role here what you're seeing represents part of the production process for manufacturing things in this country. appliances like washing maines, refrigerators, auto products, tubular pipes. this is part of a greater made in the usa story now, the company has certainly been bullish on president trump's policies to level the playing field for it and companies it. and to create jobs in the united states putting blast furnace b back online is not only going to spur rehires here, but it's going to create additional jobs we're talking 500 people being employed