Jobs last month. The unemployment report seen Holding Steady at 5 t. Futures right now are up and up in a big way. The expectation of course that janet yellen will raise the Interest Rates by the way unless the jobs number is somehow massively negative. Right now dow would open up by 92 points higher and the nasdaq up 20 points higher. All of that could change at 8 30 but well see the other big story of the morning. Members of the cartel not in agreement over whether production cuts are needed. Oil prices at this point, wti crude at 41. 65. Were going to head there for a live report in a minute or two but first michelle has the mornings other big stories. Let me ask you this, were all focused on the jobs report and janet yellen, we get a few more days like yesterday, does that hold off the fed . Theyre deeply effected by the markets. Its not just yesterday. Its possible. Its not just yesterday. If you think about it, its been a year. We have been dealing with we have gotten nowhere in a year and you would have to attribute that to the slow way we are coming to grip with turning the big ocean liner around. And the markets is dealing with it and weve made no head way. Next year, theyll raise in december but next year the discussion will be about how quickly we continue. Whether we get back to 1 or 2 and the normalize it and i cant see how you make headway when youre still sort of dealing with this big macro change in direction. This Inflection Point that we havent had in almost ten years of going higher. So yesterday was pretty unique in that everything sold off. I mean, the dollar, stocks, and pressure ris they said what happened yesterday with those three assets hasnt happened since 1999. All three of them falling. Together. So we hear that the markets are prepared. They telegraph what theyre doing. Now we know but the closer we get to the actual date its like wait a minute. I thought i was prepared. But she might really do it this time and they seem to get 109 was supposed to help manufacturers and the other thick the other thing i was thinking, they always say if rates go higher, if its for the right reasons its going to be okay. Were now looking at reasons are not here today. Were at a Fourth Quarter, what is the atlanta fed at . Below 2 now. Dont immediately say im advocating this. Okay. Citigroup is saying we may have a recession. So the yield curve flattens so is it a better economy . Is it for the right reasons that rates are going up. Can i read this next story . It addresses what she thinks of that question because fed chair yellen is taking issue with the call he was just talking about. Responding yesterday she cant put a number on the risk but is pretty imfatic she doesnt see it approaching anything like 65 . Shes not as worried that its not the right time. In universal murphys law takes over the fed would be trying to keep the increases at a time when the economy is slowing. The way you cant get out. You waited so long that you missed the opportunity and now you should be cutting maybe. If youre going into a recession you cant be tightening, can you . No, we shouldnt mean to suggest that yesterday was driven by yellen because the huge story yesterday, ecb president mario draghi is here in new york today and going to deliver marks at an Economic Club luncheon today. The speech comes a day after they extended the Stimulus Program but not by as much as expected and lead to the incredible volatility. The 3cent move in the dollar fwe against the euro. 108. Yeah but in a nano second to move like 3 cents you know people were dropping like flies. After they didnt move in september we were back to 114 or 115, werent we briefly . Yeah. And then all the way back down to 105. Its just yesterday so clear that everybody was on the wrong side of that trade. Super painful. Some people lost money. A on the of people lost money. Other people said people that predicted parity. I dont know. In asia overnight the nikkei turning in its biggest one day drop in more than two months. Among the reason the stronger yen also a huge move following the ecb decision and disappointment in that. In corporate news, gap posting a bigger than expected 8 drop in same store sales for november. Banana republic was the worst. Avon shares, the companies in advanced talks to sell its north American Business and an equity stake to private equity firm they are urging the company to cut costs and replace its ceo. Five below beating the street. Topping expectations. Up 6 . Calstrs is calling on viacom to do away with dual class structure. This comes with the aging red stone that controls 80 of viacom voting rights. Ultimate ulta with better than forecasted quarterly results. Also upbeat about its guidance. Shares of barnes noble getting hit hard. An unexpected drop in quarterly comps hit by store closures, lower online sales and slowing demand from book tablets. The investigation into the california shooting rampage, well get to jane wells that joins us this morning with the latest. Good morning to you, jane. Hey, andrew. We are expecting an update from Law Enforcement and we hope more answers later today about what happened in this building behind me. Thats where the slaughter occurred. Theres still cars in the parking lot from the victims, both the living and the dead. Will this be an act of terrorism . Is it Something Else . Was this the intended target . A back up . The first of many . Police released photos overnight of the shoot out scene that took place with the presumed killer including the two semiautomatic rifles and two handguns all legally purchased a few years ago here. Farook purchased the handguns. Its not clear who purchased the long guns and sources tell cnbc news that farook had been radicalized and while he wasnt on the radar he had been in contact with people that were on the fbis radar. We also now have the names and the faces of those that died. The 14 people, 8 men, six women, ranging in age from 26 to 60. 12 of them were county workers here at what was a Training SessionHoliday Party. Two were not county workers. Police say there were about 75 or 80 people in the room when the shooters burst in. First on the scene was the veteran lieutenant mike madden that gave a gripping account. As we entered into the conference room, the situation was surreal. It was something that i dont think, again, we prepare for and they try to active shooter we talk about sensory overload. They try to throw everything at you to prepare you for dealing with that. What youre seeing, what youre hearing, what youre smelling. And it was all of that and more. You have to be clear in your orders the initial 50 people didnt want to come to us. They were fearful. He said it was very hard to run past people who clearly needed help but with the smell of gun powder in the air he thought the shooter must be nearby and had to continue. A woman that says her fiancee died in the shoot out came to leave flowers as she was accompanied by local Police Chaplains that converged on this area to do what they can. Thats the important thing. The people of San Bernardino city arent loan. Were here for them to do whatever they can to help get them through this very, very difficult time. The focus now is also on how did these two people amass such an arsenal . Pipe bombs. Thousands of rounds. Thousands of rounds of am withdrew in addition. Tools to build ieds. Nbc news or thing that the pipe bombs had all the markings of coming out of the al qaeda online play book for how to build your own bomb. Al qaeda, not the islamic state. We hope to get some sort of answers from government today from the fbi and police here later this morning. Back to you. Yeah we do. L thank you jane wells. Opec leaders meeting in havi today to consider possible production cuts. Steve joins us with the latest. Production cut maybe, production stand by maybe but maybe a production hike because indonesia is back in opec so there may be something technical there that says were going to accommodate indonesia and hike but its the cut everybody is interested in but theres other members that dont want to cut. Theres members that want to be back at the top table of oil. Members such as iran and i spoke to the Iranian Oil Minister and he said that nobody tells us what to do on the price of oil and on the production of oil. Listen in. We dont need to receive any permission from an organization. Very soon we will reach to 4 Million Barrels per day. Yeah, so you can see iran wants to increase production. Wants to get to 4 Million Barrels a day. Its currently around 3. 5 Million Barrels a day and that will increase the headaches within and without opec because you have members desperate to sell more oil to asia. Everybody is after the same barrels. Theyre all trying to have the same demand this year but china is expected to only grow in demand by about 2 next year. I had grate conversation like the Venezuelan Oil minister and he said that he kale to opec to reestablish the influence of opec. We have most of the tradeable oil in the market is opec oil even though we only supply around about 30 in total and he said that the current production levels of oil globally it was, and i quote, a catastrophic situation for opec and Oil Producers and he was calling, i have him on tape doing so for at least a 5 cut in Oil Production. Just a rough rule of thumb thats at least 1. 5 Million Barrels a day. Thats exactly the same amount of oil that opec is overproducing above the official ceiling. The official ceiling being 30 million barrel ace day. Opec currently producing 31. 5 Million Barrels a day. If we see a price spike on the back of a cut from saudi and its gcc allies others will fill the gap. The u. S. Will fill it and russians will fill it and nonopec growth. Theres a lot of ministers here that are concerned if they dont send the right message today and theres already convoluted messages about what saudi will or wont do then theyre very fearful of a demise in price yet again in the First Quarter of 2016. Many of them think though by the middle of the year well see some stabilization but theres still a lot of oversupply going on from opec. Back to you. Thank you steve. I love to watch the venezuelans rigin pain and to r the opek minister beg and beg and beg. I want the government to suffer dramatically. Is chaves going down or something. Big election this weekend. You reap what you sow. Thats right. Its amazing that somebody could make him look good and this guy makes him thats how bad it is down there. I defer to you. Youve been down there. They just murdered somebody down there. Political i defer to you on all things venezuelan for sure. Thank you. Thats the way i should think about it. A dideologically too. You know im right. Thats frustrating. We are counting down to the most important report of the year. If i say it, it must be true. Forecast predict hah the economy added 200,000 jobs during november. Janet yellen spoke yesterday. Less than two weeks before the fomc meets to decide on whether to raise Interest Rates for the first time in more than a year. Chair yellen said in her words on going gains in the labor market serve to bolster my confidence in return to inflation of 2 . How it will impact the decision to hike rates. Chief u. S. Economist and managing so just you. Just me. I dont think. You heard her. So its inflation and its the employment picture. So the stock market is not going to change their mind . No, when you said earlier was the one thing that could i mean, its not this employment report. I dont its hard to invision a number that could dissuade the fed. To get on the board with a quarter point exactly. Its a little sad that were actually, you know, that were actually questioning whether they have the gumption to do that. It shows how they have been all along. That unfortunately, i think, is the feeling among a lot of participants, Market Participants including myself. This idea that you seem to not. We have seen them on repeated occasions get spooked by what the market is doing and thats unfortunately reinforcing bad behavior in a way. Makes it more difficult the next time. Were so focused on the employment report, yesterdays market moves, you see a couple more things like that. Thats what i was going to say. That was exactly it. Listening to what you were talking about. Weve seen the fed blink before. Lets face it. The fed took a lot of heat for not moving in september and that raises the hurdle even more that they need to sort of deliver on what they have been its going to be more difficult not to deliver this time. They conditioned us to think that a quarter point they said conditions, every condition has to be perfect for us to go a quarter point but it shouldnt be that way. How many. Until the meeting . Were a week and a half away. A thousand points in one day might do. Well, you know, again. Its not without precedent. Again, 1 now points. In this world it could be how many things could cause 1,000 points at this point . You need the more sustained, 1,000 points and then it comes back, i think youd have to say you need i would say more jitters than that. I mean, more than a move and three things coming together. The dollar and treasury markets and equities. Would they be adding up to close to a thousand. It takes more. I have to say though, even in this circumstance for the fed to back away among jittery markets sort of like what happened in september i dont know how you and dont forget when they hike it will be the dovish hike. Theyre going to say a lot of very soothing things to the market how about gradual this will be how theyre not on a preset path. Maybe we wont go again in march. Theyre going to try to sooth these markets. What will cause it to be any different thab being able to make a sustained advance . The dollar is still going to be strong. Oil prices are still going to be low. Things are not going swimmingly for corporate america. Energy prices being low is for most for earnings the saw toe Sales Numbers are very strong. We have had 6 of the last 8 quarters with the exception of these week q1s we have had, Consumer Spending is above 3 . Theres a bit of a disconnect between perhaps what the earnings numbers are doing and what the consumers are are doing. What could undermine the market is more pressure on earnings. For example wage costs start to go up. If we dont have the fed, the wind from the fed at our back anymore which we didnt in 2015. We have been trying to get around to finally its going to be the same situation in 2016, possibly 2017. Whats going to cause people to feel friendlier toward stocks . Well, i mean, first of all, you need to see, i think the economy showing resilience in the face of the fed moving off zero i think could help. Weve had drag from trade from inventories. Again if you look at consumer Business Investment and housing this is this private spending by the private sector. We have been growing solidly above 3 for the last two years. Theres more underlying strength there. No, if you take out im taking out trade which is about. 5 . Taking out drag from inventory. Doesnt feel like 3 to me. This is why im saying the economy is more solid. The underlying strength of the economy is more solid than i gets credit for. With the amount of stimulus we have we should be doing so much better so maybe thats why it feels bad but the bottom line is its not booming but its not, i dont think as fragile and this is not the equity market. This is about the economy. Its not as fragile as i fear that people think it may be that the Global Situation could throw us into recession. I think the economy is on better footing. Consumer and business spending, is it stuff that our aggregate spending numbers are not showing the cracks that, you know, i think people are worried about. You should never short a dull market and when you cant find any reasons for stocks to go higher thats always the time to buy. Yeah. Or, actually, and the other thing is too along those lines, right, the consensus is all very negative. Is it . Oh, everybody is worried about the economy slipping. Everybody boy, i think the fed is going to go more than two times next year, i get so much push back. How could the fed hike more than twice. You know, theres a lot of pessimism out there. A lot of room for upside surprise. Thank you michelle. Great to see you. Okay. Coming up, a big announcement on the super bowl. Find out who is going to be headlining the halftime show, next. Youre happy. Everybody probably knows what this is already. But well leave it as a tease. Plus the catch everyone is going to be talking about today. The stunning end to last nights packers lions game and the controversy behind it but first as we head to a break, heres a look back at this date in history. When you do business everywhere, the challenges of keeping everyone working together can quickly become the only thing you think about. Thats where at t can help. At t has the tools and the network you need, to make working as one easier than ever. Virtually anywhere. Leaving you free to focus on what matters most. Thats why i switched from uverse to xfinity. Now i can download my dvr recordings and take them anywhere. Ready or not, here i come whispers now hideandseek time can also be catchuponmyshows time. Here i come cant find you anywhere dont settle for uverse. X1 from xfinity will change the way you experience tv. The Green Bay Packers rallying from a 20 point deficit to beat the lions. They won three or four straight i think on the games final play. The lions thought they had the game won as time ran out but taylor was called for a face mask as packers quarterback aaron rogers was thrown to the turf. Rules stipulate that the game cant end on a defensive penalty so they got one final untimed down and thats when aaron rogers connected with a 61 yard pass hauled in by richard rogers. The packers stun the lions 2723 at ford field in detroit. This was happening on that was on my 3rd or 4th bathroom visit. What time was that . 11 30 . 12 00 . You had been out like a light. That was like number three or four or so. So you happened to see it when you got up.