Wilfred frost today. Good to have you here one year later we will take your temperature on this market feels like a long time in some ways, real quick on others. That night, election night, wilfred and i were here at this time, i think we started anchoring 2 00 a. M. , futures were down 800 points then they came right back up even if you thought that it was going to be fine it was going to come back, you didnt think it would be within hours you didnt think you would see maybe you did, 20 climb since. One of the most profitable years in memory. Well talk about oneyear later since the trump election victory. Futures now indicating a mixed start. Dow futures down three s p down one nasdaq up two points this after yesterday stocks came off record intraday highs to close lower. The dow did manage to keek out a gain the tenyear treasury note yield, lower yields, just when you thought they would go straight up, we go back down at a threeweek low on the tenyear yield, hovering around the 2. 30 level theres been demand for treasuries trapped in this range people are concerned, beginning to get concerned about the narrowing yield curve. 2. 46 was the tenyear yield less than two weeks ago the question is what happened we didnt get weak Economic Data got tempered optimism about the tax cuts which well talk about. It is worth watching certainly is. Look at equity markets around the world. Asian stocks are pretty well mixed. Not too big in terms of movement mixed trade data out of china. Exports rising less than expected imports did top expectations chinas trade surplus with the u. S. Narrowed in october to over 26 26. 5 billion. Shanghai market just barely above the flat line. Nikkei flattish, and south korea with the president right there up a little more than a quarter of a percent look over in europe. Also relatively modest moves steady markets slightly to the down side. Notable mover there is france. Some of the french banks are weighing on the indexes there. The ftse just below the flat line italy down a half of a percent spain down slightly left than that. Oil prices shot up in recent days they have been under pressure today and yesterday. Wti down 0. 2, but still above 57 per barrel you can see the climb there. We will talk about that and the saudi situation later. Brent crude, 63. 73, flat this morning. Nat gas is down a percent. As for the u. S. Dollar, the dollar was hovering near multimonth highs there. Going the other way this morning. The dollar weaker against the yen, slipping below that 114 level. We were firmly above it yesterday. The dollar is weakening a bit against the euro, just below that key 116 level the pound weakened against the dollar gold prices on the flip side, usually higher off the back of the weaker dollar, and they are. Your top corporate story, shares of snap are deep in the red after the Company Reported a huge revenue miss after the close yesterday. Landon dowdy joins us with more on that mover. Good morning. Thats right shares of snap sinking after weaker than expected Third Quarter results due to a miss on revenue and user base. The disappearing video app posting a loss of 14 cents per share, slightly better than the loss of 15 cents the street expected revenue coming in lower at 207. 9 million compared to 236. 9 million. The daily active users, a key metric for the firm making a disappearing act with 172 million. The firm saying the weaker quarter is due to a change in how snap sells ads, add to that snap is losing market share to instagram. Co evan spiegel saying the firm is working on responding to User Feedback take a listen. One thing we heard over the years is that snapchat is difficult to understand or hard to use our team has been working on responding to the feedback as a result were redesigning our application to make it easier to use. Snap shares are on the decline. Down about 18 in early trading. Back over to you this its one thing to miss all the numbers, but this Conference Call was disappointing. Yes, this is the Third Quarter since snap has gone public weve seen about a 20 move lower the previous two times as well, but that Conference Call where evan spiegel said what were doing is not working we have to fix the features, its too complicated we have no idea how the teens will react to this i think that got push back from analysts, like youre a Public Company, youre just discovering this now and that was not new. The story when it came public was facebook and instagram copying snap nap is the one playing catch up when itcomes to a business model. Its a work in progress in terms of how theyre selling ads, how they feel like they can get User Engagement and all the rest of it so the stock down near lows basically. Looks like where it will open up, under 13. Thats basically where the lows were recently. Clawed back up to 15 huge questions on whether its ready for Public Company ready for prime time and how theyll fix this and turn it around that stock a big mover in the premarket. President trump issuing a stern new warning to north korea. Today i hope i speak not only for our countries, but for all civilized nations when i say to the north do not underestimate us do not try us. The president dlelivering those comments before departing for china. The trumps arrived in beijing a short time ago Kayla Tausche is traveling with the president and joins us with more live from beijing good to see you. Good to see you, good morning. That speech by the president was the sharpest rebuke yet so far on this asia tour. The press secretary says he will decide by the end of this trip whether to name north korea a state sponsor of terrorism in that speech he implored the two countries with the most leverage over north korea to exert it we call on every nation including china and russia t fully implement u. N. Security council resolutions, downgrade diplomatic relations with the regime and sever all ties of trade and technology it is our duty to confront this danger together. Those remarks coming after a surprise attempted visit to the Demilitarized Zone between north korea and south korea that was aborted because of fog and low visibility just about five minutes away from the dmz it was a surprise trip, though Sarah Huckabee sanders said they were considering it and talking about it weeks before the trip began. Then the president headed to beijing where he met with president xi and officials throughout the afternoon in a more casual setting, just visiting the forbidden city here a few moments ago. A white house official says trump trump will ask china to cut financial links were north korea. The Treasury Department issued various sanctions, this is expected to be a stern warning to china even as the u. S. Pursues financial corporate deals with the country that happened across town tonight with commerce secretary wilbur ross in a signing ceremony, officially issuing various deals. Among them a deal for 50 helicopters by bell helicopters and a 1 1. 2 billion deal to sel american beef and pork on jd. Com in china theyre relatively small numbers on the grand scheme of things, but the president said he will do anything to chip away at that 3 347 billion trade deficit the trip to china was painted as consequential from an economic point of view and from a Military Point of view with north korea. This is different than visiting south korea and japan where you see more outward december plays of friendship with the Trump Administration what can we expect between xi and trump . What is the reception like for him in china the reception at face value is friendly. But japan and china are allies and military partners with the United States. Thats why you heard the president talking about military cooperation. China has long been an adversary of the United States its a tenuous relationship at best the president has been voekly kr vocally critical of their economic positions, thats a position hes not likely to walk back from and that he will likely hold over president xi in getting them to tighten the screws over north korea. Well see how that strategy place out on the ground. Kayla tausche, thank you very much in other political headlines, it was a big night for the democrats. Ralph northam defeating ed gillespie to win the virginia governors race. Murphy is new jerseys next governor beating kim guadagno. It wasnt a full sweep in a Congressional Election in utah, john curtis was voted into offi Office New York times leads today with democrats score two big victories in trump rebuke, which i think is going to be up for debate today will be up for debate the exit polling in virginia hinted at that not necessarily enough information to come up with that already on twitter the finger pointing begun President Trump tweeting from his asia tour that gillespie was never on board with him. If you look at some of his policy positions and stances the last few months, he did embrace the nationalist agenda that will be something to talk about for sure investors are paying attentions to the midterm, i think, right yes i think that will start to come into view. The Washington Post is reporting the senate could delay Corporate Tax cuts until 2019. Thats a full year later than the house proposed in their version of the tax reform bill the delay would save 1 100 billion. The Washington Post also reporting that Senate Republicans are planning to eliminate the state and local Tax Deduction entirely when they roll out their version of the tax bill chi dont thi which i dont think will be popular with the 0 60 or so republicans in the blue states and this delay wont be popular in the markets either. I think youll have a lot of back and forth in this process watch the dollar. The dollar is weakening today and has moved on tax reform headlines a bit. Yesterday small caps down more than 1 yes i saw that. Turning to todays agenda earnings will be the big forekes. Wendys reports before the bell. After the bell, 20th century fox, monster beverage, square and hostess brands, maker of twinkies, snowballs. Still ahead, were drilling down on oils big move crude oil is up 15 over the past month. And its been one year since donald trump was elected president. In that time the market has seen some bigley gains. What is the next move of the trump trade . Stick around easy to analyze and take action . How about some of the lowest options fees . Are you raising your hand . Good then its time for power e trade the platform, price and service that gives you the edge you need. Alright one quick game of rock, paper, scissors. 1, 2, 3, go. E trade. The original place to invest online. Or a little internet machine . It makes you wonder shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit, or go to xfinitymobile. Com. Welcome back to Worldwide Exchange. Lets get you up to speed on the market action. A cautious but steady open at least indicated by the futures s p 500 looking like a 2 point loss at the open the dow, which is the only index which finished in the green yesterday, backing off from a record high at this point down 8 points nasdaq down 2 points that just missed an alltime high yesterday look at small caps, thats where the action was yesterday the average stock down a quarter percent in the market. The russell 2000 down more than 1 part of this story is financials, very high weighting in the financials. And then perhaps you had this caution about trying to not tries in tax reform too quickly because small caps seem like theyre levered to that market that might be where the action goes today look at oil. Crude has been on quite a run. It seems like its settling out a bit with too much going on 57 a barrel still, wti crude. The context on small caps, i didnt realize, they are up more than the s p 500 since election day last year. Almost all of it in the first five weeks after election day. Yeartodate, they lagged. They moved more with the dollar, which spiked up after the election they are a reflation trade as well. Crude has been on a tear over the past month, up 15 . The global head of commodity strategy at Rbc Capital Markets joins us now the big news is saudi arabia is still rippling through the market, at first causing oil to rise theres a lot going on there i was in saudi arabia a week before we had this Major Political purge. 11 princes detained. Did you have any idea Something Like that was going on no. We had two crown princes dismissed in 24 months hes announced an ambitious Reform Program so he moves extremely quickly. This time of massive arrest is unprecedented in saudi arabia. No one knows quite how it will end. No one knows how it will end in saudi arabia, but i wondered about the kind of chain of logic there from whats going on to higher oil prices. Does it mean more supply discipline or we dont know what will happen . It comes against a back drop of a tightening market demand has been good for oil the opec cuts are likely to be extended so improving fundamentals is the back drop. We dont know will there be instable ility in saudi arabia . I think this means they will stick their plans with oil continue the opec cut. Continue the policies like selling part of saudi aramco that necessitates a higher oil price, but you also had a near missile strike near riyadh rising rhetoric towards iran, towards the lebanese government. Theres a concern about the broader regional concept one of my mustreads talking about a more aggressive salmon you think about what happened on saturday, you had this Ballistic Missile fired at riyadh from yemen. At the same time theyre rounding up these ministers. You had Mohammed Bin Salman say this was a declaration of war by the iranians you have a Foreign Policy issue and a domestic issue what does your forecast say we will have to watch developments it comes against the backdrop of the venezuelan debt crisis theres a situation now where they have to restructure the debt, its hard because of the sanctions the u. S. Put in place. If we get a Sovereign National default with an oil Company Default that could be disastrous for Venezuelan Oil production. Thats mostly what matters to the Market Production collapses. Everyone is watching have we seen the return of the geoPolitical Risk premium and will barrels have to come off the market in a place like venezuela. Not enough time today with everything going on. Still ahead, social media makeovers. Snap is not the only app getting a facelift well tell you about the big changes coming to twitter and insta gravm whha instagram when we come back. Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley the markets change. At t. Rowe price. Our disciplined approach remains. Global markets may be uncertain. But you can feel confident in our investment experience around the world. Call us or your advisor. T. Rowe price. Invest with confidence. Your privacy makes you myt number 1 place to go number 2. I love you, but sometimes you stink. Febreze air effects doesnt just mask, it cleans away odors. Because the things you love the most can stink. And try febreze small spaces to clean away odors for up to 30 days. Breathe happy with febreze. Exchange. Im sara eisen here with mike santoli. Time for some top trending stories. Sean diddy combs is setting the record straight on his name. He said he was only joking about changing his name to love or brother love you may recall earlier this week diddy posted a video about his new moniker and it went viral. He said he has come to the conclusion that you cant play with the internet. Maybe the lesson is you cant play around when you already changed your name a hundred times already. I was at Charity Event with him recently, i didnt know how to address him mr. Diddy, mr. Combs mr. Combs seems safe. Twitter is officially doubling its character limit for all users. Most tweets will fit 280 washers, wash e e characters, up from 140. Two users found a loophole in the feature and took it too far. Tim rassit with the help of a hacker account sent out a tweet that was 35,000 characters long. Both users were briefly suspe suspended and the tweet was deleted. Theres a lot of pushback against this, including from loyal blankfein who is new to twitter. He has an opinion. New at this but like the discipline of 140. Makes you commit no room for on the other hand. 280 characters is practically an essay. Theres something about the constraint creating more its always frustrating, but, yes, its concise. I wonder what 280 will do to the whole what about President Trump . Yeah. Will he speak in more full sentences . Maybe not as many creative abbreviations. Instagram is helping users up their flashback friday game the social media app is adding a feature that allows users to add pictures or videos more than 24 hours old. When users add a past image, instagram will add a sticker to the post with the date that it was taken. I like that. Throwback. Vintage. Isnt it amazing the last two stories, these arbitrary protocols of these social media things dictate how we engage with the world its amazing i agree uk retailer browns with a new take on a dry cleaner bag. The