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Stocks are set for a higher open after Dow slides back into correction territory

BY THE NUMBERS

U.S. stock futures were higher this morning. Following yesterday's slide, the Dow is back in correction territory (down 10.3 percent from its January record high), and the S&P 500 is edging closer to correction with a 9.1 percent decline from its January record. (CNBC)

* Cramer's sell-off strategy: Don't own oil stocks long-term (CNBC)
* Popular 'FANG' stocks drop most ever as tech backlash grows (CNBC)

Goldman Sachs (GS) slashed its Apple (AAPL) iPhone sales estimates for the first two quarters of the year, expecting sales of 53 million units in the calendar first quarter. For the three months to June, it expects sales of 40.3 million units, a reduction of 3.2 million. (CNBC)

* Apple faces multiple lawsuits over throttled iPhones (WSJ)

Tesla's (TSLA) stock was lower in premarket trading this morning after the company saw its credit rating downgraded by Moody's to B3 from B2, reflecting the slowdown in Model 3 production and ongoing liquidity pressures. (CNBC)

Applications for mortgages jumped 4.8 percent last week from the previous week, the Mortgage Bankers Association's seasonally adjusted data showed this morning. Volume remained unchanged from one year ago. (CNBC)

This morning also brings the third reading of fourth-quarter GDP at 8:30 a.m. ET, with forecasts calling for an annual growth rate of 2.7 percent for the final three months of 2017. At 10 a.m. ET, the National Association of Realtors is out with its pending home sales report. (CNBC)

Walgreens Boots Alliance (WBA) and BlackBerry (BB) are among the few companies set to report quarterly earnings this morning, while GameStop (GME), H.B. Fuller (FUL), and PVH (PVH) will be out with their numbers after today's closing bell. (CNBC)

IN THE NEWS TODAY

President Donald Trump secured a trade deal with South Korea. The deal, which is expected to be formally announced today, opens South Korea's market to American autos, extends tariffs for truck exports and restricts the amount of steel it can export to the U.S. (NY Times)

China said today it won a pledge from Kim Jong Un to denuclearize the Korean Peninsula during a meeting with President Xi Jinping. Xi pledged in return that China would uphold its friendship with its isolated neighbor. (Reuters)

* Trump tweets there's a 'good chance' North Korean leader will 'do what is right' and move toward peace (AP)

California has sued the federal government over the Trump administration's decision to add a citizenship question on the 2020 Census. The state is concerned a lower population could jeopardize billions in federal funding as well as a congressional seat. (CNBC)

President Trump's approval rating has dipped to 39 percent from 42 percent in December, according to a CNBC survey. The president's decision to slap tariffs on steel and aluminum was not well supported by the public, the survey showed.

Stormy Daniels' lawyer has filed a motion in a California court seeking to force Trump, and his lawyer Michael Cohen, to testify under oath. Michael Avenatti is believed to want to ask Trump and his lawyer about hush money paid to Daniels. (CNBC)

* The lawyers who quit or declined to represent Trump in the Mueller probe (CNBC)

John Bailey will remain in his job as president of the Academy of Motion Picture Arts and Sciences after the organization "unanimously" determined that no further action was needed following reports of sexual harassment claims. (USA Today)

STOCKS TO WATCH

Facebook (FB) has unveiled changes to its data and privacy tools, in response to the recent controversy over how user data is used. Among the changes: the settings will now be on a single page, rather than being spread across nearly 20 different screens.

Nike (NKE) and the National Football League agreed to a long-term extension of their partnership, which provides all NFL teams with uniforms and sideline apparel.

Lululemon (LULU) reported adjusted quarterly profit of $1.33 per share, beating estimates by six cents, while the yoga wear maker saw revenue and comparable store sales beat estimates as well. Lululemon also issued a better-than-expected earnings and revenue forecast for the current quarter.

RH (RH) beat estimates by 14 cents with adjusted quarterly profit of $1.69 per share, although the Restoration Hardware parent did see revenue come in slightly below Street forecasts. RH did give strong guidance for the full year on both the top and bottom lines.

NXP Semiconductors (NXPI) sold its stake in a China-based chip design joint venture to its partner, Taiwan-based Advanced Semiconductor Engineering. The sale could potentially ease competitive objections to Qualcomm's (QCOM) planned $44 billion takeover of NXP, which still needs approval from Chinese regulators.

WATERCOOLER

Lincoln is reintroducing the mid-sized Aviator brand name after discontinuing it more than a decade ago. The new Aviator is a three-row SUV, like its predecessor, which was discontinued in the 2005 model year. (CNBC)