Hello friends and Fortune readers.
Wall Street stock futures—especially energy stocks—are taking a hit this morning as crude oil prices slipped yet again on oversupply concerns and companies like oil giant BP reported disappointing earnings (see below). At 6:30 a.m. ET, crude oil was $30.66, down 3%. Market sentiment wasn’t helped by bad results at Swiss bank UBS, which slumped almost 8% after reporting a surprise outflow of funds from its flagship wealth management business.
Today’s must-read story is by Fortune’s Clifton Leaf on why the White House’s new cancer task force would do well to study the real moonshot. If the initiative is to succeed, it should study one very specific point from the U.S. mission to the moon: a well constructed road.
Here’s what else you need to know today.
1. BP takes a hit
The oil industry giant formerly known as British Petroleum (BP) got pummeled after reporting its biggest annual loss in over 20 years. Shares were down more than 8% in London today after it reported a 2015 loss of $6.5 billion, even worse than its 2010 results when it counted the costs of the Gulf of Mexico oil spill. The company said it would cut another 3,000 jobs in its downstream unit by the end of 2017 on top of 4,000 cuts already announced last year.
2. Chipotle reveals earnings in wake of E. coli cases.
Chipotle Mexican Grill (CMG) reports its fourth-quarter earnings after the market close today. The fast casual dining chain has weathered a tough few months after an E. coli outbreak sickened 55 people and separate norovirus and salmonella incidents sickened even more customers. The company has issued wide-reaching apologies and updated customers with the steps its taking to increase food safety. However, that likely wasn’t enough to stem falling sales. Chipotle warned in early January that its earnings would come in far below previous expectations.
3. Dow Chemical also reports.
Dow Chemical (DOW) reports its fourth-quarter earnings before the opening bell today. The industrial giant is expected to report earnings of 70 cets a share on sales of $11.2 billion, according to analyst estimates. The company’s report comes on the heels of its decision to merge with rival DuPont (DD) to form a company with a combined market value of about $95 billion. The two companies have been working to cut costs and streamline their businesses before that happens.
Other companies reporting earnings today includes Exxon Mobile (XOM), Pfizer (PFE), Yahoo! (YHOO), and UPS (UPS).
4. Brazil’s president addresses legislators.
Brazil President Dilma Rouseff will address the nation’s Congress today as it reconvenes following its holiday recess. The president’s message will try to boost confidence in the Brazilian economy, promising to slow the double-digit inflation and reduce the budget deficit. Rouseff will also be battling an impeachment proceeding, following accusations that she tweaked numbers to show a smaller budget deficit. Then, there’s also the Zika virus outbreak that the World Health Organization has labeled a global health emergency, which has swept through the nation and has been accompanied by increased numbers of babies with a rare birth defect.
5. U.S. auto sales.
Automakers report their January sales today, and analysts expect the numbers to be down slightly from a year earlier by about 1.1 million. The sales slow down, after a robust 2015, like was due to winter storms that swept across parts of the United States, hitting near record levels in some areas. One analyst estimated that it “disruted an estimated 15,000 sales,” reported Detroit News. Though, analysts are still optimistic 2016 sales will top 17 million again this year.
Reuters contributed to this report.
