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Dow is set to open down triple digits on Wall Street after big declines Monday

BY THE NUMBERS

U.S. stock futures were sharply lower this morning, following the biggest one-day declines for the Dow and S&P 500 since Sept. 5. A triple-digit drop for the Dow today would be its second straight, something that last happened almost exactly one year ago on January 30-31, 2017. (CNBC)

* Chart points to trouble for stocks in big week for earnings (CNBC)
* Goldman sees 'high probability' of market correction in coming months (CNBC)

Amazon (AMZN), Berkshire Hathaway (BRK.A), and JPMorgan Chase (JPM) announced this morning plans to partner on ways to cut health care costs and improve services for U.S. employees. Pharmacy benefit manager and insurer stocks fell after the news. (CNBC)

The Federal Reserve's Open Market Committee begins its two-day policy meeting today, the last to be presided over by Fed Chair Janet Yellen. The Fed will release its latest interest rate decision and policy statement tomorrow afternoon at the conclusion of the meeting. (CNBC)

* Yellen's final meeting may bring out the hawk in her (CNBC)

A busy morning for earnings is highlighted by the release of quarterly numbers from Dow components McDonald's (MCD) and Pfizer (PFE). After-the-bell reports include the latest numbers from Advanced Micro Devices (AMD) and Align Technology (ALGN). (CNBC)

On the data front, the monthly S&P/Case-Shiller report on home prices is out today at 9 a.m. ET. The Conference Board releases its January Consumer Confidence Index at 10 a.m., with consensus forecasts calling for a slight rise to 123 from December's 122.1. (CNBC)

IN THE NEWS TODAY

President Donald Trump will review the country's economic growth over the past year during his first State of the Union address tonight. The president will also address the immigration framework the White House previewed last week. (CNBC)

* 6 things to watch for at Trump's State of the Union (USA Today)
* State of the 'Uniom'? Tickets re-printed after misspelling (NBC News)
* Absent since report of affair, First Lady set to attend speech (NY Times)

The Treasury Department released a report last night listing a number of individuals closely affiliated with the Russian government. The department said it was not a sanctions list but many of the individuals were already subject to U.S. sanctions. (CNBC)

* Read the full Russia 'oligarch list' released by the US Treasury (CNBC)

House Republicans voted to release a memo said to accuse the Justice Department and FBI of misusing authority to obtain a secret surveillance order on a former Trump campaign associate. The DOJ warned releasing the memo would be "extraordinarily reckless." (NY Times)

The Trump administration informed Congress it would not immediately impose additional sanctions on Russia under a new law designed to punish Moscow's alleged meddling in the 2016 election. Trump opposed Russia legislation last year. (Reuters)

FBI Deputy Director Andrew McCabe, who abruptly stepped down this week, reportedly told friends that he felt pressure to leave from the bureau's Director Christopher Wray. McCabe already planned to leave in March, when he was eligible for full retirement benefits. (NY Times)

Apple (APPL) is slashing iPhone X production in the face of weaker-than-expected demand, The Wall Street Journal reports, citing sources. Apple will offer its first report on iPhone X when it reports earnings on Thursday.

VMware (VMW) could buy Dell in massive reverse-merger, sources say. Dell currently owns 80 percent of VMware. The deal would give Dell shareholders a way to profit from having taken Dell private in 2013 and help pay off some debt. (CNBC)

STOCKS TO WATCH

JPMorgan Chase (JPM) announced that Chief Executive Officer Jamie Dimon will stay on for about five more years. The company also promoted executives Daniel Pinto and Gordon Smith as co-presidents and co-chief operating officers. Both have been mentioned as potential successors to Dimon.

Maxim Integrated (MXIM) is in talks to be acquired by Japan-based chip-maker Renesas, according to sources who spoke to CNBC. A deal for the U.S. chip company could be worth about $20 billion, although a deal is not imminent and may not happen.

MetLife (MET) postponed its fourth quarter earnings release and said it would revise some of its prior financial reports. The insurer took that action due to overdue monthly pension benefits, and said it planned to increase its reserves up to $575 million to cover the expense. MetLife also said the SEC has inquired about the pension matter.

Rambus (RMBS) reported in-line quarterly earnings at an adjusted 19 cents per share, with the chip-maker's revenue slightly above forecasts. However, Rambus gave a weaker than expected current quarter outlook.

Revlon (REV) Chief Executive Officer Fabian Garcia is stepping down from that post in February. Board member Paul Meister will take over temporarily while Revlon searches for a new CEO. Garcia had joined Revlon from Colgate-Palmolive (CL) in 2016.

Tesla (TSLA) engineer Ernest Villanueva left the company last year, according to a CNBC report. Villanueva helped design the batteries that power Tesla cars, and holds other patents as well.

WATERCOOLER

Marvel's "Black Panther" had its world premiere last night in Hollywood. After the premiere's end, people on social media praised the film, calling it "iconic" and "astonishing." Others predicted it would leave audiences speechless. (USA Today)

Oscar winner Tom Hanks will play late TV personality Fred Rogers, aka Mr. Rogers, in the biopic, "You Are My Friend." The feature is inspired by a real-life friendship between Rogers and award-winning journalist Tom Junod. (Hollywood Reporter)