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Stocks set for rough open, again lockstep with oil

IN THE NEWS TODAY

U.S. stock futures were sharply lower, following oil prices this morning, in a continuation of Friday's selloff and a turbulent week in which the Nasdaq lost 5.4 percent, the S&P 500 fell 3.1 percent, and the Dow dropped nearly 1.6 percent. (CNBC)

That big Nasdaq selloff was fueled by hefty declines in FANG stocksFacebook (FB), Amazon (AMZN), Netflix (NFLX) and Google-parent Alphabet (GOOGL). The once high-flying group was under pressure in the premarket this morning. (CNBC)

U.S. oil prices were lower this morning, after tanking 8.1 percent last week. A meeting between OPEC producers Saudi Arabia and Venezuela Sunday ended with few signs there would be steps taken to cut output. (CNBC)

Following plunging crude, gasoline per-gallon fell 8.2 cents in the past two weeks to its lowest level in seven years, according the latest Lundberg survey. The latest price was 37 cents lower than a year ago. (Reuters)

Gold hit three-month highs this morning, extending its biggest weekly rise since July 2013 as sliding stock markets, global growth uncertainty, and a softer dollar prompted investors to seek safety in hard assets. (Reuters)

Japan's Nikkei snapped a four-session losing streak with a gain of 1.1 percent overnight. Most major Asian markets remained closed for the Lunar New Year holidays, including markets in China and Taiwan. (CNBC)

China's foreign reservesfell for a third straight month in January to the lowest level since May 2012, as the central bank dumped dollars to defend the yuan and prevent an increase in capital outflows. (Reuters)


Ahead of tomorrow's New Hampshire primary, former Mexican president Felipe Calderon was critical of Republican Donald Trump's idea to build a border wall. "We are not going to pay any single cent." (CNBC)

Trump is aiming for his first win in New Hampshire, while rival GOP candidates, including Jeb Bush, said their campaigns plan to go on no matter the outcome tomorrow. (AP)

On the Democrat side, Bill Clinton launched an attack on Bernie Sanders at a New Hampshire rally Sunday, tearing into the senator's rhetoric against Hillary Clinton and picking apart his spending plans. (NBC News)

Ford (F) is said to be planning a new assembly plant south of the U.S. border, and will sharply increase factory output from Mexico just months after signing a labor deal. (WSJ)

Volkswagen plans to offer compensation packages to U.S. owners of diesel vehicles involved in the emissions scandal. The German automaker has not decided yet on whether those packages would come as cash, car buy-backs, repairs or replacement cars. (Reuters)

Citigroup (C) plans to block debit and credit card payments to daily fantasy sports sites DraftKings and FanDuel in New York State, the latest in a string of legal and legislative hurdles for the industry. (NY Times)

Chipotle (CMG) restaurants across the U.S. open later than usual today, so workers can attend a meeting about the chain's recent food safety scares. (AP)

Former Harman (HAR) Vice-President Dennis Hamilton has been released on a $2 million bond, after being arrested Friday and accused of insider trading ahead of an upbeat earnings report. (Reuters)

Southeast Massachusetts is expected to bear the brunt of a snowstorm heading for the East Coast. The region could get 6 to 12 inches of snow through this evening, with gusty winds of up to 60 mph. (AP)


BY THE NUMBERS

With congressional testimony from Fed Chair Janet Yellen on Wednesday and Thursday, investors also get a handful of economic reports to consider this week, including the Job Opportunities and Labor Turnover Survey (JOLTS) tomorrow, jobless claims on Thursday, and retail sales and consumer sentiment on Friday.

Hasbro (HAS) is among the companies issuing quarterly earnings this morning. After-the-bell reports this afternoon include the latest numbers from Yelp (YELP) and 21st Century Fox (FOXA).

Celgene (CELG) and Gilead Sciences (GILD) could each jump 30 percent over the next year, according to Barron's, which said the recent drop in biotech shares has created buying opportunities in the sector.


STOCKS TO WATCH

GoPro (GPRO) signed a patent licensing deal with Microsoft (MSFT) involving file storage technology. GoPro shares were rebounding some in premarket trading, after they were battered last week in a post-earnings sell-off.

Regarding the #RIPTwitter hashtag, in response to reported timeline changes, Twitter CEO Jack Dorsey tweeted, "I want you all to know we're always listening. We never planned to reorder timelines next week."

Credit Suisse (CS) CEO Tidjane Thiam asked the board of directors to cut his bonus after the bank posted lower than expected earnings last week and saw its stock price tumble.

PepsiCo's (PEP) bid to buy a majority stake in Chobani was rejected. The yogurt maker was only interested in selling a minority stake. Coca-Cola (KO), which had also been interested in Chobani, ended its talks in October.

Cablevision's (CVC) $10 billion deal to be acquired by France's Altice is the subject of increased opposition by New York City officials, who have filed complaints with the New York Public Service Commission.


WATERCOOLER

The rough market may be an early sign of the power of the so-called Super Bowl indicator. With the victory by the Denver Broncos, a team with roots in the old American Football League, pointed to a lower year for the stock market. (CNBC)

CBS (CBS) said Super Bowl 50 had a record streaming audience. The network made it easier to watch online this year, by making the game available via on devices like Apple TV, Roku, and Xbox One. (Re/code)

Advertisers dusted off their well-worn playbooks for the Super Bowl, deploying a combination of humor, celebrities and plenty of animals in their annual appeal to the game's more than 100 million viewers. (NY Times)