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US stock futures plunge as oil tanks

IN THE NEWS TODAY

U.S. stock futures crumbled this morning as oil tanked, following Thursday's sharp increase on Wall Street. Despite the gains, the Dow and Nasdaq remained in a correction. But the S&P 500 was able to narrowly escape correction territory, ahead of Friday trading. (CNBC)

BlackRock Chairman and CEO Larry Fink told CNBC this morning the stock market could fall another 10 percent from here and oil prices could test $25 per barrel.

Oil prices plunged this morning, with both U.S. crude and the global benchmark Brent below $30 per barrel, after posting the first significant gains for 2016 in the previous session. (Reuters)

Stung by plummeting oil prices, Saudi Arabia plans to create a new sovereign fund to manage part of its crude wealth and diversify its investments. (Reuters)

Top global miner BHP Billiton (BHP) said it would book a $7.2 billion writedown on the value of its U.S. shale assets, reflecting a slump in oil and gas prices and a bleak near-term outlook. (Reuters)

Asian stocks ended sharply lower overnight, erasing early gains that had been inspired by Wall Street's Thursday rally. Chinese stocks lost 3.5 percent Friday, moving into a bear market. Japanese stocks were also declined. (CNBC)

BlackRock (BLK) this morning reported lower-than-expected quarterly earnings. Citigroup (C) and Wells Fargo (WFC) also report quarterly profits this morning.

Intel (INTC), late Thursday, reported quarterly earnings and revenue that topped expectations, but the chipmaker's legacy PC business continued to struggle. The stock was 6 percent lower in the premarket. (CNBC)

General Electric (GE) has agreed to sell its appliance unit to China's Haier for $5.4 billion. GE walked away from a $3.3 billion deal to sell the unit to Sweden's Electrolux, after U.S. antitrust concerns surfaced. (AP)

Goldman Sachs (GS) said fourth-quarter earnings will take a roughly $1.5 billion hit as the firm reached a nearly $5.1 billion settlement related to the sale of residential mortgage-backed securities from 2005 to 2007. (CNBC)

Morgan Stanley (MS) named a new head for its fixed-income trading unit as it seeks to turn around the struggling business. The bank said late last year it was cutting 25 percent of its fixed income jobs. (Reuters)

Uber's chief Travis Kalanick said the ride-hailing firm's China unit was valued at more than $8 billion after its latest fundraising round, over $1 billion more than before the effort. (Reuters)

GOP presidential front-runner Donald Trump and top challenger Ted Cruz ended a longstanding truce in spectacular fashiont, with bitter exchanges during last night's debate. (Reuters)

The Obama administration today is expected to announce a halt on new coal mining leases on public lands, as officials consider an overhaul of the program. (NY Times)


BY THE NUMBERS

It's a jam-packed morning for economic numbers, with the government's retail sales and producer prices for December at 8:30 a.m. ET. The Empire State survey is also out at 8:30 a.m. ET.

The Fed releases industrial production and capacity utilization data for December at 9:15 a.m. ET.

The University of Michigan issues its preliminary January survey on consumer sentiment, while the the government is out with November business inventories — both at 10 a.m. ET.

With crude nosediving this morning, the weekly report on the U.S. rig count from oil services giant, out at 1 p.m. ET, takes on added significance as traders continue to worry about oversupply.

Three Fed officials speak today, New York Fed President Bill Dudley at 9 a.m. ET, San Francisco Fed President John Williams at 11 a.m. ET, and Dallas Fed President Rob Kaplan at 1 p.m. ET.


STOCKS TO WATCH

Video-streaming service provider Netflix's (NFLX) subscribers will no longer be able to use proxies, servers that facilitate access to Internet content not available locally, to watch content not available in their home country.

Yahoo (YHOO) investor Canyon Capital sent another letter, urging Yahoo to prioritize a sale of its core business, a portion of its assets, or the entire company. Canyon also said Yahoo should not waste any more money on acquisitions.

Analog Devices (ADI), a key supplier to Apple (AAPL), cut its revenue guidance. The chipmaker blamed weaker-than-expected demand in its portable consumer business unit.


WATERCOOLER

Three ticket holders with a claim on a record $1.6 billion Powerball jackpot were laying low, their identities officially still a mystery even as lottery officials revealed the retailers in California, Florida, and Tennessee that sold them the lucky tickets. (Reuters)