jackie deangelis explains. >> the big three energy companies reported this morning and t results were mixed leaving a murky picture on wall street on what to expect next. exxon and chevron missed, the bar was high and it wasn't met. exxon blamed on refinery intenance cost, downstream business. its capital expenditure surged but those costs not offset. the company said oil prices alone would boost earnings by billion dollars. >> this is planned maintenance. it goes in peaks and troughs. we take turnarounds on refineries. they come every several years. we just had a peak in the second quarter. a large amount, several refineries down. of course you get double mpact whrefineries are down. first of all you lose the volume. at these strong margins it's big eaings. spend lot of operating eximnse. >> meae chevron said profits doubled from a year ago but also saw weakness in refining. interest expenses had a higher impact than previous quarrs. even though the country said it would start returning cash to shareholdersuy andg back stock, its shares saw a drop as all. >> for anles to appling comp

jackie deangelis is back first this-- >> i'll take retirement rumors for 200.jeopardy hinting at his eventual departure from the show trebek saying there's less than a 50/50 chance that he will return once his contract expires in 2020. he did drop a few recommendations for his possible replacement including l.a. kings play by play man, alex foss and laura coates. >>> and soon you may be able to express your passion for white wine in emoji form unicode has been asked to add a white wine emoji to its lineup currently there's only a red wine emoji >>> and some visitors at a texas aquarium took shark week a little too far three suspects stole a two-foot shark from a san antonio aquarium tank over the weekend the thieves pulled the animal from the tank, wrapped it in a blanket and smuggled it from the building in a baby stroller. the trio was hoping to sell the shark on facebook. this story has a happy ending. the shark was recovered last night and returned to the aquari aquarium seemingly unharmed >> you know, i heard this story, i thought if they're animal activis

let's bring in jackie deangelis for more on this those stocks went boom, but 11 million barrels a daye >> it is incredible. it puts us just behind russia, over saudi arabia's production how the world has changed in just four, five years with this shale revolution what i'll point out here is look at the prices. $68 for wti. $72 for brent. that spread is coming in, now just $4. what's happening is more exports, about 1.5 million barrels a day. the record recently was 3 million. imports are shrinking, 7 million to 8million when it was around 9. you will see that shift come in closer and closer. what happens is you will see that wti price be more in favor with brent >> we still get questions if we're producing this much oil, why do we still import so much because we need the oil to be where the refiners are it's easier sometimes to ship it to new jersey than to pipe it around from houston. >> right now the infrastructure is not there to move things around the country the way we need to to manage this production that's going to take time to build out. right now, if you can ship it in, brin

jackie deangelis has more o at part of the story for us. >> in a tweet this weekend on toil, president trump sai prices were too high. he said he spoke to kingalman of saudi arabia and explained the turmoil was causing him to ask the saudis to increase oil production, maybe up ton mill barrels to make up the difference. prices too high, he has agreed. the white house backed off that position a bit later saying that the saudis could raise production if need. but there were still many questions. would the 2 million barrels be in addition to the 1 million that owe beck said it would add ck? and did the king really agree? with no answers to those questiontr oil prices ted. but ever so slightly. with the 10% spike ince oil p and the 4th of july this week, prices at the pump have been rising. >>> gasoline prices have reached their peek barring any major refinery disruption for the rest of thesummer. demand has been flat and actually a little bit lower than last year at this time about. >> i think crude oil could reach 78, $79 a barrel. i don't see $80 a barrel. there will be intervention if

i'm jackie deangelis live at cnbc global headquarters. here's today's top business headlines.all street set to open lower after stocks rose yesterday. getting a boost from morgan stanley and csx. the nasdaq just failing to close at a new record high. on today's watch list, a report on the number of people filing for unemployment. the dow rising 79 points. 25,199. the nasdaq slipping a fraction to 7854. if you have cash left over from prime day, you may want to consider buying a new car. hyundai and amazon have teamed up on a virtual showroom of the automaker's cars in the amazon vehicle section. you won't be able to order an elantra or sonata with alexa yet. they only provide a variety of models with prices and options and links to find local dealers. >> samsung reportedly planned to introduce a smartphone with a folding screen last year. this is as it eyes a smashy device to reenergize its slumping business. a size that's roughly the size of a smaller tablet that can be folded in half like a wallet. foldable smartphones have long been a hot rumor in the industry because they

with your incnbc bs report i'm jackie deangelis. >>> a new study linked long screen time to attention deficit hyperactivity disorder commonly known as neadhd, raisin questions about how much screen time is too much time. nbc'ser joe fas details. >> reporter: in a household with three teenagers, your bound to worry about how much time kids spend on their homphones a computer. >> at dinner time i say everyone put their phones away and have a epnversation. orter: her concerns are even greater because of a new report raising questions about screen time. researchers at usc said they found a modest but statistic link between heavy tech use and adhd, attention defic hyperactivity disorder. >> it's important that parents start opening up a dialogue with their teen to talk aigital media use. >> the journal of thedi america l association tracked 2,500 tenth graders, 53% more likely to develop adhd symptoms and frequent texters were 21% likely to show symptoms compared with infrequent texters. it's not clear on kids who develop adhd are already more prone to heavy techuse. >> our research raised

jackie deangelis, will we get bankrupt at the pump now >> i certainly hope not.et's look at oil prices wti is on its way to $75. you went to law school, so did i, this is what i call a two-prong analysis the first prong is geopolitics the iranian president saying if the u.s. continues to put pressure on allies, we'll have a problem with some of our crude oil exports. it's not just iran and venezuela now. it's also libya. that's one thing to watch. the second prong is the seasonal factor about 40 million people will hit the road for the fourth of july holiday. you mentioned gas prices their elevated because crude oil prices are up. 2.86 is for the average now. some people say we could climb from here. >> let's find out what dan thinks have a great holiday dan, gas prices will go with oil prices how are they looking historically are we at four-year highs for the nation >> we have not seen these prices since november of 2014 as far as summers are concerned, the most expensive since then. but there's a good indication here, and i think jackie was correct that prices

i'm jackie deangelis this is future it's now. sinking for a one-year low, sinking for a sixth straight session that's amid trade tensions jeff, let's start with you, copper down 12% in just a month. are you guys just buying this stuff? >> not yet, obviously, we're trying to focus on the escalation of the copper population shanghai down 4% down to 22,000 contracts in open interest, very telling >> jim, trading 2982 look. how does the chart look? >> if you can go back a month 334ish in the wake of the mine crisis, it's hitting that trend line around 280. now look for a basing pattern amid any strength, think about a long shot. >> coming up on the live show, we're joined by tom kloza, he called for $100oil the last time on the show we'll find out if he's standing by that. louise yamada all at the top of the see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down

let's get to jackie deangelis. >> well, oil staging a reversal today sursurnging into presideny territorydo you think of this move >> well, i think a lot of it is position koring before the weekend. one of the thipgs we're used to is sudden supply disruptions m you're at the biggest risk of that coming into a weekend having said that, the fundamentals are starting to turn bearish one report coming back online after 570,000 barrels. saudi arabia up 500,000 barrels for june and the demand picture while still strong with refining utilization, unsustain bable at this level you're going to see stockpiles start to build in the u.s. >> all right, wee watching prices between 73 and 74 what are the levels we need to watch now? >> 74.40 on the upside is the resistance we should look for. through that, we test those new highs again and on the bottom, i'm look at the 72.20 area what's been lost in this talk about supply and everything is the seasonal factor. and once we start reaching pique demand for gasoline and beyond it, which will be in a few weeks, you going the see crude start to build you're

i'm jackie deangelis this is futures now.ching crude oil falling 1% and extending yesterday's sell-off, bringing crude's losses this week to nearly 6%. jeff, let's talk about this. do you want to buy the dip >> i think at some point, you do, but we're seeing high volume this kicked off initially by this libyan output but love president trump, hate president trump, he's getting what he wants. he's talking to opec about bringing production up therefore, he's getting the prices under $70 as of right now, it seems like it's going to back and fill and stabilize at around $69. >> jim, we were watching $70 as a support. we broke through that level. what's the new range you need to watch? >> i think $67 and it's really amazing to me over the last let's call it six months how well behaved technically crude has been went right up to that upward trend line, seemed to provide resistance there now it's heading lower i think $67 probably within the next week and a half there i would be interested in buying it. >> meantime, coming up on the

jackie deangelis joins us with more what's happening here?lmost as if the president is flaunting the fact he's got a direct line to saudi arabia the president saying he spoke to king salman of saudi and he explained the turmoil in venezuela to have them increase oil production maybe 2 million barrels to make up the difference prices too high. he has agreed. so let's review where we are on the numbers here opec and russia a year and a half ago, they cut 8 million barrels a day. they put about a million barrels back on. but effectively it could be less the market was worried about that so this ask to the saudis to basically double that because of the shortfall from iran may end up being double on a roughly million barrel basis venezuela, they could lose half a million barrels as well. the situation here, he's trying to create a balance. it makes sense the president wants the saudis to make sure they will make up for all if not maybe a little bit more of what we could lose here in the market the question is why. the midterms are coming up gas pr

the strongest members of dow and s&p at 2,736 and the russell 2000 up 1% as well >>> jackie deangeliswas it coincidence or did it happen on purpose. he said the opec are up and they're doing little to help if anything they're driving the united states higher this must be be a two-week street reduce pricing now the iranian opec governor fired back say, quote, the responsibility of paying unnecessary prices is solely upon your implying trump's shoulders and the price of over $100 per barrel is yet to come so oil watchers are looking at this, the president's tweet. they're saying if he was sure the sodoes were going to pull the trigger on that spare capacity he wouldn't pull the trigger like this. and that could be a million dollars a day and very disruptive the opec countries have a deal the saudis have to be careful about releasing their own capacity unilaterally. every member country would want to up production if they could at higher prices tuesday, $75 level we touched it going into july. a decline today after building inventories and after some profit taking. >> that would explain

now let's get a look at oil prices jackie deangelis is at the commodity desk for that. ning, jackie >> good morning, crude prices breaking 25 for the first time since 2016 iranian's president saying that trade pressures will be threatened also watching libya today, declaring a force majeure on some of its imports. and that outage in canada, it's also still in play add to that strong demand forecast for this week of the fourth of july, you can see that prices are evaluated also recall the news about the saudis we're talking about 2 million barrels a d s s a spare capacity they can step into the market to balance it if they want. the president thinks that oil prices are too high. the saudis may not at these levels guys, back to you. >> that is true. jackie, thank you. coming up, trade tariffs and the consumer we'll discuss it all with the former heinz ceo bill johnson and the former walmart u.s. president bill simon dow up 123 "squawk on the street" will be right back here in the early session. you always pay your insurance on time. tap one little bumper and up go your rat

. >>> jackie deangelis is at the commodity desk what's up, jackie? >> u.s.llers added five rigs this week taking the total count to 863, it's up 100 from a year ago adding rigs is generally a bearish sign u.s. drillers taking a cautious approach, even with prices north of $70 a barrel, guys. more than fundamentals at play here in the oil patch. seasonali seasonality, geopolitics crude seeing a 1% move in the session so far. >> jackie, thank you. >>> 213,000 jobs added in june, but the unemployment rate did tick higher. steve liesman joins us now to break down all those numbers >> bill, thank you to look at the numbers, the trade war is taking a back seat to the jobs report as the strong u.s. economy does the driving. nonfarm payroll is up 213. what he didn't tell you the estimate was 195, so that was better than expectations also we added 40,000 jobs in the past with revisions to the april and may numbers. average hourly wages was modest, 2.3%, but the unemployment rate ticked up. let's look back at previous rising unemployment rate since 2010 every time we'

let's get over to jackie deangelis. >> welled crude provides falling after a surprise build this morningd but not in line with seasonal trends you expect to see this time of year. traders looked for crude to fall after the 4th which was the peak of the driving season. that's tuesday before the holiday, remember we hit that $75 market that's when the selling started into the close some profit taking after a big move, sure and that continued in trade today. finalry, the president tweeting that opec's driving prices higher with a call to reduce pricing that iranian responding say the president himself will cause oil to go to $100 a barrel with supply disruption that is he is causing, guys. >>> jackie thank you >>> when the clock strikes midnight in washington the u.s. will impose tare ifts on $34well of chinese goods and beijing is expected to strike back immediately. is a trade war impossible to avoid? and what comes next? let's bring in gregory docka the economist for. and gregory gold a former assist deputy u.s. trade negotiator for north america. matthew i'll start with you. are we past

the week i will point out they're up on the week this seems to be a today isolated story >> jackie deangelisu the dow is in positive territory. verizon, walgreen and american express. we'll continue the gdp conversation throughout the day. power lunch. >> we have to talk about amazon among other things what is amazon today how should we look at the business, look at the core retail business or as we were talking higher margin business advertising is sort of the new business >> with high margin businesses putting aside core retail business twitter is a feature today i'm sure you'll be talking about it later today, down 18.5%. >> you have a ceo saying we're willing to clean up the platform at the expense of user growth, gives you pause. up 35% this year. >> investors won't buy that. so candidate for facebook and others dow has just gone negative. >> facebook went negative too. >> and amazon up a little, less than 2%. melissa, thank you for being here. >> my pleasure see you on "power lunch. >>> "squawk alley" is up next. don't go away. eligible for medicare? that's a good thing, but it doesn't

>>> thank you very much, contessa oil tanking today and closing prices now we'll go to jackie deangelis not a second later for the commodity desk update. >> crude prices are dropping today along with stocks on the trade fears. two issues here, first, demand could be impacted. and second, china could impose duties on crude imports. so it's a reasonable threat people are considering and you can tell that the downside sentiment is down today with more than a 12-million barrel draw-down in crude inventories. that's a significant number that should have supported prices more or even turn them positive. obviously it didn't. oil dropping 5% today. the worst day in more than a year session lows are $70.02. that's a test of the critical level. speaking from a technical standpoint, it's a sign it will violate it guys. >>> thank you, jackie. economists sounding the warning signal about the next round of tariffs threatened by the trump administration senior economics reporter steve liesman here with the impact on the economy and how it's expected to grow steve? >> the latest threat of tariffs from

it's closing for the day jackie deangelis is at the cnbc commodity desk with the latest. >> crude pricesher on the session due to a reuter's report that rebels from yemen say they have an attack an aramco refinery in riyadh a build of 5 8 million barrels in the u.s add to that a stronger dollar, dollar index over 95 a bear case scenario but geopolitics continue to trump the fundamentals we will have to watch the headlines from the middle east. >>> look at this chart the dow industrials up 2% over the last two months as the trade spat with china of course has grown into what many are calling at least a potential trade war meanwhile, china's shanghai composite is down more than 12%. so is china losing this battle that's next on poun"power lunch" at cognizant, we're helping today's leading media companies create more immersive ways to experience entertainment with new digital systems and technologies. get ready, because we're helping leading companies see it- and see it through-with digital. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay

that jackie deangelis is live in charlotte, north carolina with that story. >> reporter: good afternooncture hurricane matthew back in 2016. power outages that lasted roughly six days those could be cut in half three days due to control rooms like this one. duke energy calls this the "star wars" room it looks like something you might see in a movie but it's actually a control center and it monitors power transmission it does it in real time investment in smart tower technology is happening across the industry analysts estimate a growth rate of 9% a year that's because the technology allows utilities to be more efficient in pinpointing problems and fixing them it's not just for storms and out annuals. duke says it's helping them fepdz off cyber attacks too. all this, of course, comes at a cost of $25 billion investment over the course of a decade, some of that passed onto the consumer critics say there is not enough to benefit the consume tore outweigh the costs the ceo says it's all a delicate balance. >> we are, you know, focused every day not only on the defenses we can put in place,

economic council larry kudlow takes the stage we will bring you his comments live >>> plus it's jackie deangelisrthday. >>e' bng y wllriou numbers when we return. going on at schwab. oh really? thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms...again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. >>> welcome back to "squawk box. breaking news. our june read on housing starts and permits and the data is out. 1.73 million annualized units. that is a big miss big miss matter of fact, it was a subtle revision to last year. 1.337 million, that's over a drop of