for nightly business report, i'm wilfred frost in york. >>> and still ahead, t ahead for oil with, and autos. >>> tahoe who would have guessed e twists and turns in the oil market in 2018. brian sullivan tells us whether investors can expect por of the same in the months to come. >> 2018 was the year oil prices llapsed along wit the stocks in many major oil and gas companies. all as opoke tried to reais power. 2019 could be very different here are some predictions. one. oil prices recover but only by a little. >>ill take time for opec's recently production cut to impact the market. but ultimatelyhe drop in exports from saudi arabia along with a likely flattening out of u.s. pulductionsupport slightly higher prices. look for oil to be in the high 50s to low 60s per barrel by the fourth of july. two, texas size deal making heats up. the biggest global players know now more than ever scale matters. bigger is better when you have to control costs. look for theexxon, the chevrons and other big players to keep selling the assets they don want and spending to grab up some of the best acreage

wilfred frost has more on what to expect from the other major banks this week. >> jon, let's start withs on revenue first. it came from fixed income trading. here's the ceo addressing that >> we did not see the level of transaction activity we had originally expected this quarter. g 10 rates in particular as clients largely stayed on the sidelines in an uncertain macro environment. thereafter, the environment continued to deteriorate, characterized by volatile market conditions and widening credit spreads. this resulted in a risk off sentiment where market making became even more challenging in december across rates and currencies and spread products >> equity performance was better, still down 4%, stripping out the one offs of the other banks, morgan stanley most tilted to competitive trading fixed income banking fees were down highlighting this is not an easy quarter for capital markets for anyone citi beat eps, down to better cost control expenses down 4% that said, lower compensation will be due to traders may well be repeated. in general, the group is trading hard loan and deposit

tackling of like a bank of america can continue to create value into next year >> mike santoli and wilfred frost, we'll see you in a little bit. >>> the government shutdown is putting america's energy industry into peril. >>> plus, remember pokemon go? the maker of that game is giving harry potter fans 245 million reasons to be happy today. we're heading to hogwarts in today's rapid fire "the exchange" is back in two. >> want to get social with "the exchange"? e-mail us at theexchange@cnbc.com or find us on twitter @cnbctheexchange. >>> welcome back to "the exchange." here are some of the movers this hour united airlines jumping after reporting a beat on the top and bottom line. domestic revenues grew >>> pg&e seeing another down day after getting kicked out of the s&p 500. the california utility is now down 75% in the past month nearly 8% of that is today >>> ford is moving lower after forecasting weaker than expected fourth quarter profit. ford shares down about 5% today. over to sue herera for a cnbc news update. >> here's what's happening at this hour. at the state department, vice president

i'm wilfred frost. >> and i'm sara eisen. general motors predicting strong earnings in 2019 as it plans to expand its footprint overseas. we'll talk to the former gm vice chairman bob lutz. >>> crude oil is jumping since the start of the year. we'll ask francisco blanch. >> first up, a check on the markets. it does look like we are set to break the winning streak that stocks have been on. first down day in the last six sessions well off the lows. the dow is down 203 points at the low. s&p came within a point of going positive it's down a third of 1%. the russell is flat on the day. >> let's remind ourselves, week to date still looking pretty good the s&p 500 is up 2.3% the dow and the nasdaq in and around that amount as well but first the government shutdown is now tied for the longest running shutdown ever. according to s&p global, the shutdown could shave $1.2 billion off gdp growth for the quarter each week that it continues. let's get to bob pisani for more on how it's impacting the market. >> in the last 24 hours, there

you have a whole group where they are range bound within this last few weeks >> our colleague wilfred frostpointing out on "the closing bell," for instance bank of america last year posted earnings that beat expectations. what did the stock do? nothing. >> although what we've seen with the last i think three quarters, definitely the last two, banks have this lackadaisical reaction to earnings. as earnings have gotten stronger for other groups, banks have started to rally people underestimate the fact that nims are going to be actually better. the problem with what's gone on with mortgage rates is the mortgage business will be under pressure i think other parts of their business are healthy and i expect the numbers to be fine. >> you get -- value act is getting a value. they're trading below book value. in my view unless you think there is a global recession in the very near future, and i'm talking about the next three, six months, then these are valuable at this point in time particularly if you think there's any steepening or no more flatteningin the yield curve and the economy is solid or

. >>> time for our etf spotlight wilfred frost taking a look at the financials following morgan stanley'sss. wilfred. >> sara, despite disappointing numbers from morgan stanley the xlf is up 3, up 6% this year having underperformed last year. the main theme for earnings this week has been that there is no recession in sight allowing share price gains due to very cheap valuations citi with good expense control, goldman with solid numbers all around, outperformed this week because they had been the cheapest valued coming into earnings bank of america probably had the best numbers overall morgan stanley today, as you said, reported a messy quarter, but the ceo james gorman said, quote, we do not believe the fourth quarter is a new normal in fact while it's early days, the first quarter has started on a similar path to the first quarter to the saturday of 2018. wealth management now 50% of their business was the main disappointment here is gorman addressing client behavior in light of the recent market volatility. >> the clients moved more money into cash, absolutely. deposit numbers went up.

our very own wilfred frost just sat down with him in an exclusive interview. d. what did he say? >> thanks, sara, great to be back as you said, the secretary is traveling to the middle east tomorrow a trip that will take him to eight or nine countries and i started by asking him what message was he going there to deliver? >> we're traveling we'll visit eight or nine countries along the way to share with them a couple of ideas first and they know this america is there we're interest to continue to do the things that need to be done to protect the american people and ensure middle east stability. second, there's been a lot of noise about this withdrawal from syria, and we want to make sure that they understand completely what that means. there's no change in our commitment to the defeat of the caliphate or of isis globally. there's no change in our counteriran strategy america is still committed to taking down the maligned influence that the islamic of iran -- that those activities, the risks that those activities present to the world, there's no change there's a

i'm sara eisen wilfred frost rejoining me in a moment along with mike santoli, markets commentator. ok at how we finished the day on wall street as wilfred mentioned, second day in a row of declined selling into the close and not as bad as the open opening by 230 points lower a loss of 91 points. s&p 500 down half a percent. nasdaq down a percent and same with the russell 2000. financials only group to close higher after citigroup kicked off the big bank earnings and the context, coming off of three straight weeks of gains. coming up on the show this afternoon, the ceo of colombia sportswear saying why he is taking out an ad in protest of the government shutdown. >>> china's trade surplus hitting a record $323 billion and how it could impact the trade talks. earnings season kicking off today as analysts cut that you are forecast at the highest rate since 2011 and apple under pressure again after one of its suppliers reported weak sales. joining us to talk about the market day, jim la camp is here, senior profolio manager at ubs mike, as always. markets ed tore. so the banks did okay.

. >>> coming up this afternoon, wilfred frost's exclusive interview with secretary of state mike pompeosing bell." we have some laggards in the nasdaq 100 going to tell you about that and ntueafr brk.y"awk alle coins tea ea alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. >>> peak earnings, trade friction, a global economic slowdown sentiment remaining fragile and fearful. is a bottom now in sight what you argue is maybe getting sufficiently high? >> it got high if a bottom is in sight, some are saying it's in sight in the rear view mirror as the market burns off this pessimi pessimism, we got a low in place

, both lower after reporting disappointing results and weighing more broadly on the financials wilfred frostck at hq with more on both quarters. >> jpmorgan, they had two main disappointments. first, fixed income trading, especially in december that applied to citi yesterday as well, will likely also apply to bank of america, morgan stanley, goldman, sachs. that hurt jpmorgan's top line. second thing, they had high low loss provisions, and that hurt the bottom line. dimon said this was because they were growing, taking share, and overall credit royalty was pristine he addressed shadow banks and leverage loans >> a lot of those folks are quite bright, kind of know what they're doing. someone is going to get hurt there. the issue there in the next recession isn't what the loss, remember, most major banks don't fund a lot of that leverage lending book is a much smaller book capital liquidity is higher. it is nothing like '07. >> wells fargo in fact had better than expected loan loss provisions and improving costs which led to eps beat. loan growth bounced back, growth in general remained lacklu

i'm sara eisen wilfred frost will rejoin me with mike santoli.y on wall street. it was an up day first time we have seen that in three sessions the dow with gains of 151 points s&p 500 having a nice 1% rally nasdaq fueled by netflix and up 1.7% russell 2000 up. health care services rallied almost 2%. technology up 1.5% utilities also gained. british prime minister may suffering a historic defeat. we'll discuss what's next for brexit and the markets coming up. >>> but first, hirl's tere's th stories on the radar stocks finishing up. jpmorgan and wells fargo latest to report weaker than expected fourth quarter revenues and netflix rallying after announcing a big price hike. we'll hit all of those stories joining us to talk about it, michael blockman this glass is halfful with brexit, some misses in the bank reports and managing to rally. >> we're almost exactly half full relative to what was lost in the three months. i noticed on the close we are up 11.2% from the lows three weeks ago and down still 11.2% from the all-time highs in september. what'

. >>> futures indicated down by 100 points wilfred frost is standing by, let's go over to him. >> okayust hitting 80 cent. is that a clean number >> it's a miss 80 cents eps the expectation was for 89 cents and the revenue came in behind as well. $8.5 billion, the forecast is for $9.3 billion if we dive on to their wealth management business which would have been tough given the market environment, the revenue there 4.1, the expectation was $4.45 billion and the pre-tax margin, which has been improving over the long term is something analyst watch a lot, disappointed the forecast 26.5% again, if that's a one off perhaps the market will look past it. it was a tough quarter for markets. that flows through to trading as well equities was decent. that was 1.9 billion in line with estimates fixed income as with the other big investment banks, that disappointed 564 million. the forecast was for 800 million, of course, for morgan stanley. fixed income is smaller than equities so less of a hit than perhaps it could have been investment banking solid overall on the front page of the press relea

i'm becky quick with joe kernen and wilfred frost. andrew is out today.cnbc market analyst let's take a look at u.s. equity futures at this hour right now looks like the dow futures are down by 54 points. a little more than we had seen earlier. the nasdaq down by 27. but this does come after five days of gains for the equity markets. if you take a look at the yield on the 10-year, we are back above 2.7% at 2.719% this morning. then check out the price of crude oil. crude's been on a winning streak in a big way massive move ups that we've seen almost every session through this early part of the year. right now trading up another 26 cents to $52.86. >>> here's what's making headlines at this hour the government shutdown in its 21st day tomorrow it will officially become the longest in history. president trump is considering declaring a national emergency to fund a border wall. jpmorgan says the shutdown is starting to impact the economy cutting its first quarter gdp growth estimates by 25 basis points it now sees 2% growth this quarter. >>> china is plannin

i'm wilfred frost. >> and i'm morgan brennan. coming up i'll talk to ameritrade's ceo in a first cnbc interview. >> and jim breyer in davos let's check in on the markets. s&p 500 intra-day splitting the difference from its highs and lows first few hours positive, next few negative and we are essentially flat with one hour left of trade. the dow, a few individual names making that look like a stronger performance than that is, united technologist procter & gamble giving it half a percent gain. >> earnings the name of the game there. >> indeed. let's start with blue chip stocks morgan has utx and aditi roy let's start with you, seema. >> driven by its beauty segment, thanks to oil of olay. p & g pointed to strength in china, which cfo referenced on the analyst call a number of products raised prices last year the question is whether this trend will hold, if the macro environment worsens in the coming months. best day in four months, up 4%, and outperforming its rival, kimberly clark wilf >> seema, thank you for that don't forget p

i'm sara eisen >> and i'm wilfred frost i want to know who won in tyler's game he didn't tell us.me an e-mail, i want to know now shares of tesla tanking after announcing big job cuts. we have the details of that coming up. >> plus ufc starting a new deal with a sports powerhouse we'll talk to ufc co

i'm wilfred frost. >> i'm sara eisen.resident trump gearing up to meet with the vice premier of china at the white house this hour we'll bring you the very latest on the trade talks. >>> plus, one hour away from amazon's earnings after the break. we'll break it down with the panel. 59 minutes and 30 seconds left until the close of today's trade. check in to see how we're doing. the dow is down. otherwise it's been another positive day the s&p up 0.7%. the nasdaq up over 1%. >> appropriate way to finish off the monthof january, set to be the best month for the s&p in years with a gain of almost 8% we have lots of earnings moving this market to tell you about. yulia boar stin, phil lebeau and seema mody but first from washington the comments of the president on china. eamon? >> reporter: yes we are minutes away from a meeting in the oval office officials here at the white house suggested about a week ago that this could be a determinetive meeting, very, very important in the chinese negotiations larry kudlow said that about

i'm wilfred frost. >> i'm morgan brennan in for sara eisen. >> coming up, niall ferguson, why he says plus, big earnings coming your way after the bell from intel, starbucks andnorfolk southern just to name a few. instant analysis >>> let's get right to breaking news on the government shutdown. ylan has more from washington, d.c. >> reporter: the senate is

i'm wilfred frost. >> and i'm morgan brennan.ameritrade's ceo in a first cnbc interview. >> and jim breyer in davos let's check in on the markets. s&p 500 intra-day splitting the difference from its highs and lows

. >> and i'm wilfred frost a big day for banks earnings we'll break down the key numbers for you. >>>jpmorgan ceo jamie dimon speaking out about what he worries about most. >> the government shutdown is another self-inflicted wound. >> we'll have more comments from him coming up. >>> and later bill cohan joins

wilfred frost at hq wrapping up the results and still to come. >> bank of america both managed to beatthe top and bottom lines. their share prices responding accordingly. bank of america numbers were very strong. in particular, the operating leverage continues to drop through as expenses again declined and since only 13% of their revenues in trading, they weren't too hurt by a tough quarter there. goldman sachs also had decent numbers and followed them up with a very well-received earnings call, in particular, ceo david solomon pledging to provide nor transparency going forward, including on the investment and lending business, which had in the past been seen as somewhat of a black box he also gave various updates on the 1 mdb scandal. >> it's very clear that the people of malaysia were defrauded by many individuals, including the highest members of the prior government tim lizner, who was a partner at our firm, by his own admission, was one of those people. for lizner's role in that fraud, we apologize to the malaysian people, as detailed in the government's charging documents, lizner

. >> i'm wilfred frost city group posting high profit we'll dive into the numbers with the former wells.s. history. columbia sportswear taking out a full page ad in "the washington post" urging the government to make america's parks open again. we're going to talk to the company's ceo tim boyle about why they made that move coming up. >> let's have a look in on what the markets are doing as the dow intraday chart, th

i'm wilfred frost. >> we'll tell you what you need to know ahead of the results >> we'll talk to johny out his latest market strategies for this environment. >> and microsoft announcing it is making a $500 million investment in affordable housing. president and chief legal officer of microsoft brad smith will join us on cnbc first up, though, check out the intraday action in the

let's goat wilfred frost who has everything regarding citi today. hey, wilf. >> you're right.beat due to good cost control. fixed income trading was down 21% year over year it had been expected to fall single digits percentage-wise. there was a large one-off trade but still would have been down high teens either way. the weakness came in december in particular and january has started better equities trading was solid, up 18% year over year strong equities and weak fixed income bodes well for morgan stanley compared to the likes of jpmorgan and goldman sachs consumer business look fine, costs down year over year and 2% quarter over quarter expenses were down 4 boston year over year. that was ahead of forecasts, and that drove the eps beat. the took is now up around 2% while nobody wanted to see a revenue miss in the current environment as revenue misses go, trading is a better place to see it than say the core u.s. consumer bills the analyst call has just started, and we'll be back with more headlines when we have them. >> wilfred, does it suggest anything about the other banks

i'm wilfred frost. >> i'm morgan brennan in for sara eisen apple earnings on deck set to release at 4. >> i'm excited few more exciting earnings releases huge implications for other stocks and of course - >> new metrics. >>> plus, some investors blaming th

i'm wilfred frost. >> and i'm sara eisen.s predicting strong earnings in 2019 as it plans to expand its footprint overseas. we'll talk to the former gm vice chairman bob lutz. >>> crude oil is jumping since the start of the year. we'll ask francisco blanch. >> first up, a check on the markets. it does look like we are set to break the winning streak that stocks have been on.

from new york stock exchange, i'm wilfred frost.mulling a run for president in 2020 we'll talk to walter i sacso

i'm wilfred frost. >> i'm sara eisen.t with the vice premier of china at the white house this hour we'll bring you the very latest on the trade talks. >>> plus, one hour away from amazon's earnings after the break. we'll break it down with the panel. 59 minutes and 30 seconds left until the close of today's trade. check in to see how we're doing.

from the nasdaq markets in times square and it's friday i'm becky quick along with joe kernen and wilfred frostxt two hours is steve grasso, director of institutional sales at stewart frankel, also an cnbc market analyst >> thanks. >> let's check out what's happening with the futures the dow is down by 25 points below fair value s&p futures down 5 1/2 nasdaq off by 19 yesterday we did see gains once again for the markets with the dow, the s&p, the nasdaq, the roussel 2000, dow transports, all up for their 5th sessi i

i'm wilfred frost, a warm welcome to contessa brewer. >> thank you i'm filling in today it's great toe here. we're kicking off the hour with breaking news. >> president trump announcing a temporary end to the government shutdown we've got the latest on what might happen next. >> plus, jim cramer sitting down with wells fargo's ceo tim sloan. cramer will join us live with highlights from his interview. >> no doubt a take on th

great to see you >>. >> thanks for having me. >>> meantime, let's get back to wilfred frost.nior executive at the bank. want to give a bit more color on what we may be likely to hear on the analyst call which starts at 9:30 a.m in particular on this 1 mdb scandal. the ceo david solomon will frame it along these lines to say that one senior executive who was wearing the badge of goldman sachs at the time did take place in a fraud, a fraud committed on the malaysian people but he did not represent goldman sachs at that time and it was not the firm itself. i think we'll also hear from them that they feel compliance levels internally are higher than they've ever been before. and this is interesting. although this is a long complicated investigation with many parties involved so the resolution won't be immediate, that they have likely provisioned financially for this fully already. whether that came out of this quarter's earnings, last year's earnings, or before that that financially they feel confiden confident they have provided in their books for however the fine might be comin

i'm wilfred frost. >> i'm morgan brennan in for sara eisen apple earnings on deck set to release at 40 p.m. eastern sharp. >> i'm excited few more exciting earnings releases huge implications for other stocks and of course - >> new metrics. >>> plus, some investors blaming the market's volatility on the fed shrinking the portfolio. we'll discuss with don kohn. 59 mupinutes left of trade today communication services and technology that lead the declines in terms of sectors in the s&p. consumer discretionary and industrials the only outperformer. >> dechfense contractoring lift apple is lower ahead of the results. now to the reporters on earnings dom and josh dom, let's start with you. >> morgan, wilfred, a lot of numbers. we are at the quarter-mile mark. 27% of companies within the s&p 500 reported their numbers and of those 27% of the companies 74% of companies have beaten analysts' estimates and 24% missed estimates and a positive start to the earnings season with regard to growth, it is still a positive story there, as well with the companies that reported and if all other companies

i'm wilfred frost. >> we'll tell you what you need to know ahead of the results >> we'll talk to johnalamos. he'll lay out his latest market strategies for this environment. >> and microsoft announcing it is making a $500 million investment in affordable housing. president and chief legal officer of microsoft brad smith will join us on cnbc first up, though, check out the intraday action in the markets a big pop just in the last few moments or so. picking up where "power lunch" left off, on the report out of "the wall street journal" that the u.s. is looking at lifting u.s./china tariffs to speed up a trade deal by march 1st, a strategy put forward by the treasury secretary whether it is real or not, whether it is going to happen or not, investors certainly give their approval the intraday spike, the dow had been up at the height of the day, 27 points, now rocketing up more than 100. >> has come back since the story broke. the headline, if you read the story, more encouraging than the content of itself. let's get more of the detail and what we can expect, what might be true, what migh

from new york stock exchange, i'm wilfred frost.ormer starbucks ceo mulling a run for president in 2020 we'll talk to walter i sacson and steve forbes coming up. >> she is called one of the most powerful women in finance, joyce chang. she'll join us to weigh in. >> looking forward to those interviews check in on the market, declining by 4% on the dow 240 points, the low of the session was more pronounced than that, some 400 points and tech leading things lower hence the nasdaq down 1.2%. >> let's begin with the markets. morgan brennan has more on caterpillar's big drop bob pisani at the nyse and then bert bertha coombs. morgan >> cat down 9%, this is a big miss revenue was in line but the outlook really taking center stage. a modest sales increase. that's versus the 16.5% revenue growth that investors anticipated. takeaway, higher costs coupled with slower global growth and the u.s. is strong china comprising 5% to 10% of sales for cat especially in focus after strong growth in recent years the company expects that market to be flat

i'm morgan brennan wilfred frost will join me and mike santoli here and here's how we're finishing thenother volatile session. we finished lower and off the lows of the day with the dow down 1.2%, down 298 points the s&p 500 finishing 2633 or down 1.4%. the nasdaq composite down 1.9% and the russell 2000 also ending the day down 1.7%. ten of 11 s&p sectors fin ibed lower. utilities was the outperformer, concerns around u.s. china trade talks and heard larry kudlow bat down the driving forcing for the markets. we have stocks selling off as i mentioned on the concerns around u.s. china trade talks and top leaders warning about the markets and earnings on deck ibm, td ameritrade due out any moment we'll bring you those numbers as we get them. joining us to talk about the market day, charlie from ariel investments. how would you characterize the trading today? >> obviously a pretty sharp, little pullback when people expected one i think coming into this week, the market was a little bit overstretched and almost everybody would acknowledge that so right now, i don't think this pullback real

i'm sara eisen >> and i'm wilfred frost i want to know who won in tyler's game he didn't tell us.rop me an e-mail, i want to know now shares of tesla tanking after announcing big job cuts. we have the details of that coming up. >> plus ufc starting a new deal with a sports powerhouse we'll talk to ufc coo lawrence epstein. >> first let's check in on the markets. stocks jumping on potential progress in trade negotiations you can see the moves there up over 1% for the dow and the s&p. we're pretty near the session highs, but it's been a solid session throughout and week to date, we're currently up over 2.5% for the s&p and the dow. >> it's the fourth week in a row that stocks are higher they've jumped about 12% from that christmas eve low still off around 9%, 10% from their recent highs the report that's moving the markets today, it has to do with u.s./china trade progress potentially. kayla tausche is back. >> welcome back, kayla >> and she's got more from washington >> thank you so much, guys it's great to be back. it's great to see both of you. i want to put the emphasis here on

. >> and i'm wilfred frost a big day for banks earnings we'll break down the key numbers for you. >>> plus jpmorgan ceo jamie dimon speaking out about what he worries about most. >> the government shutdown is another self-inflicted wound. >> we'll have more comments from him coming up. >>> and later bill cohan joins us we'll get his take on alexandria ocasio-cortez. >> could that be a little bad news for the banks we're right near the session highs on the dow at 185 points the high was 220 the dow leads the charge in part because banks are doing so well. goldman sachs is one of them >> banks are having a good january. >> they're having a good january, good week and certainly a good day goldman was up 9.6% a moment ago. >> sort of digesting the headlines from the beige book. modest to moderate conditions in all of the different parts of the country. let's begin this final hour of trade with the top story steve liesman with more details on the beige book headlines. willem marx has the latest on brexit and leslie picker has more on black rock's earnings. steve, we'll start with you and w

i'm wilfred frost. >> i'm morgan brennan in for sara eisen. >> coming up, niall ferguson, why he sayshina is the next global crisis. >> plus, big earnings coming your way after the bell from intel, starbucks andnorfolk southern just to name a few. instant analysis >>> let's get right to breaking news on the government shutdown. ylan has more from washington, d.c. >> reporter: the senate is voting on president trump's proposal it appears that the democrats do have the votes to block that measure from moving forward and after that vote finally concludes the senate will then take up the democrats' plan to fund the government through february 8th without any additional funding for the border wall. now, one democrat did cross party lines to support president trump's plan that was joe manchin of west virginia but there are also several republicans who are expected to support the democrats' plan to reopen the government for a limited amount of time and you are seeing some bipartisanship, very little bit of it here on capitol hill and not expected to be enough for either of the measures to co

i'm wilfred frod frost. >> i'm sara eisen.the markets, it's been volatile. the dow swinging more than 350 points in today's session alone. 254 was the high on the dow, now trading up 76, though we've been in red at multiple periods during the day as well >> we lost ground when the president said he'd make the prime time address and it continued to slip since

i'm wilfred frost, a warm welcome to contessa brewer. >> thank you i'm filling in today it's great toe here. we're kicking off the hour with breaking news. >> president trump announcing a temporary end to the government shutdown we've got the latest on what might happen next. >> plus, jim cramer sitting down with wells fargo's ceo tim sloan. cramer will join us live with highlights from his interview. >> no doubt a take on the government reopening as well from jim cramer. first of all, let's get right to the market reaction, which is positive but not a big move following the opening of the government, but we are nonetheless up3/4 a percent fo the dow, s&p and nasdaq up around a percent the high of the session was 307. let's get the latest reaction to the president's decision to reopen the government. eamon javers is at the white house with more. >> reporter: yeah, wilfred, that's right i've just been inside the west wing trying to get a little bit more detail here from administration officials on what is in this deal. the president said it's a three-week deal to reopen the government

. >> all right citigroup's fourth quarter earnings just coming out let's get to wilfred frost what do per share versus $1.55 expected but the revenue missed the forecast was for $17.6 billion. so the eps beat is driven by cost control expenses were down 4% year over year people expecting expenses to be down about 1%. so the efficiency ratio has improved and that lower cost is what drove the eps beat now, if you're looking for the strength overall credit costs did improve. they're down 7% year over year down 2% quarter over quarter either way, that improvement does suggest the overall economy is doing fine. a big concern for people coming into this quarter. the weakness, of course, is this big revenue miss that was down 21% year over year the forecast was down single digits down 7% so the big miss in revenue coming on fixed income did just speak to a senior source there, and suggests that things have improved as we've gone into january. an aspect of people sitting on their hands in december. if money managers were down already, they didn't want to get back into the market that really h

i'm wilfred frod frost. >> i'm sara eisen.pple, a lot to catch up on, and the markets, it's been volatile. the dow swinging more than 350 points in today's session alone. 254 was the high on the dow, now trading up 76, though we've been in red at multiple periods during the day as well >> we lost ground when the president said he'd make the prime time address and it continued to slip since then, whether that was the cause or not that was a turning point of the day. coming up on the show my exclusive interview with secretary of state mike pompeo we'll bring you that interview in just a couple of minutes. you don't want to miss it. >> we have many more great interviews for you as well, cig cign cigna's ceo and chairman mart martin feldstein, a great line-up. let's kick off the final hour of trade, our "closing bell" exchange paul detrick from fairfax global markets and rick santelli from the cme group in chicago matt, it seems like the focal point is u.s./china trade talks, which are back on in beijing is there optimism? >> ther