Stocks heading for more sharp declines after the Dow's 666-point plunge Friday

BY THE NUMBERS

U.S. stock futures were getting slammed this morning, after the Dow's nearly 666-point loss on Friday and its worst percentage decline since the June 2016 Brexit vote. The Dow and S&P were flirting with a 5 percent pullback from January's all-time highs, the first retracement of that magnitude in about a year and a half. That would be halfway to the elusive 10 percent correction that hasn't happened since mid-2015 to early-2016. (CNBC)

* Cramer's guide to the sell-off: 'It's not the end of the world' (CNBC)

Janet Yellen ended her long career at the Fed with concerns over how high the stock market is, telling CBS, "Price-earnings ratios are near the high end of their historical ranges." Yellen prepares for private life following a 14-year central bank career, the last four as the chair.

* Powell to be sworn in today as new Fed chair (NY Times)

Wells Fargo (WFC) shares were about 7 percent lower the premarket this morning after the Fed late Friday restricted growth on Wells' consolidated assets. (CNBC)

* Fed's slap at Wells may cost the bank more than $400 million this year (CNBC)

Broadcom (AVGO) this morning raised its offer to buy Qualcomm (QCOM) by 24 percent to more than $121 billion, putting more pressure on its rival chipmaker to come to the table for talks. (Reuters)

The only major economic report of the day comes at 10 a.m. ET, when the Institute for Supply Management releases its January nonmanufacturing index. Bristol-Myers Squibb (BMY) and Arconic (ARNC) are among the companies that issued earnings this morning, with Cirrus Logic (CRUS) Skyworks Solutions (SKWS) out after the closing bell. (CNBC)

* Bristol-Myers says a key trial for its lung cancer drug succeeds (Reuters)

IN THE NEWS TODAY

A locked switch, owned and operated by CSX (CSX), is being blamed for the collision between an Amtrak passenger train and a freight train that killed two people and injured more than 100 in South Carolina early Sunday. (Reuters)

Lawmakers are expected this week to pass another short-term spending bill to avoid a government shutdown. A bipartisan pair of senators said they will propose a path to citizenship for people brought illegally to the U.S. as children, but no wall. (WSJ)

Several GOP lawmakers disagreed with President Donald Trump's assertion that a memo released by the House last week vindicated him in the Russia probe. Democrats accused Trump of trying to undermine the investigation with the memo. (Reuters)

An Obama-era treaty between the U.S. and Russia to keep their nuclear arsenals at lower levels goes into full effect today. The Trump administration, however, has vowed to counter a rush by Russia to modernize its forces while staying within the treaty limits. (NY Times)

Apple (AAPL) users have been reporting an issue with their $1,000 iPhone X models that is stopping them from answering calls. The issue was reported Sunday by the Financial Times, which cited Apple support forums.

* Apple Music on track to overtake Spotify in U.S. subscribers (WSJ)

Bon-Ton Stores has filed for Chapter 11 bankruptcy protection, the largest retailer to do in 2018. The retailer, in the midst of closing more than 40 stores, will explore strategic alternatives, which include a sale of the company. (CNBC)

* Macy's launches pop-up marketplaces in its stores (CNBC)

The Philadelphia Eagles defeated the Tom Brady-led New England Patriots, 41-33, in Minneapolis last night to win their first Super Bowl. Eagles quarterback Nick Foles was named MVP. (NBC News)

* Philadelphians take to the streets to celebrate Super Bowl (AP)
* How Eagles won their first Super Bowl, drive by drive (NY Times)
* Super Bowl blackout was due to a 'brief equipment failure' (The Verge)

STOCKS TO WATCH

The CFBP probe of Equifax (EFX) has been pulled back, according to Reuters, quoting people familiar with the matter. Former CFPB head Richard Cordray is said to have authorized an investigation of Equifax's massive data breach, which it revealed in September, but Reuters reported the probe had sputtered under current head Mick Mulvaney.

Boeing (BA) may be interested in bidding for a Canada jet fighter contract despite the ongoing trade dispute involving Canada's Bombardier, according to a senior executive. Boeing has until Friday to decide to bid. Separately, UPS (UPS) placed an order for 14 747-8 freighters, easing doubts about that aircraft's future.

Amazon.com (AMZN) has settled its tax dispute with France, according to reports out of Europe, although terms were not disclosed. France had claimed Amazon owed nearly $250 million in back taxes and penalties.

WATERCOOLER

A cherry red Tesla (TSLA) Roadster owned by Elon Musk is set to be fired into space on SpaceX's Falcon Heavy rocket. Musk posted an image on his Instagram account of the car fixed to a part of the rocket with a dummy figure at the wheel. (CNBC)