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Here are five things you must know for Monday, Feb. 5:

1. -- Stocks Retreat

U.S. stock futures were sharply lower on Monday, Feb. 5, coming off the worst weekly performance in two years for the major stock indexes on Friday, Feb. 2.

The Dow Jones Industrial Average plunged 665 points, or 2.54% on Friday, the S&P 500 dropped by 2.12%, and the Nasdaq sunk 1.96% as bond yields spiked after the U.S. added 200,000 jobs to payrolls in January, above forecasts, and yearly wage gains rose at the fastest pace since the Great Recession of 2008-2009.

The decline on Friday was the sixth largest single-day point drop for the Dow in history.

The data on wages, which showed pay rising at 2.9%, the most in more than eight years, triggered a spike in U.S. Treasury bond yields amid bets that it may lead to quicker consumer price increases and more aggressive action from the Federal Reserve.

Contracts tied to the Dow Jones Industrial Average extended losses on Monday, tumbling 275 points, while those tied to the S&P 500 fell 19.50.

Global stocks fell for a second week on Monday, with markets in Japan recording the biggest single-day decline in more than 15 months. European shares were posting sizable losses on Monday.

The  economic calendar in the U.S. on Monday includes the PMI Services Index for January at 9:45 a.m. ET, and the ISM Non-Manufacturing Index for January at 10 a.m.

Bristol-Myers Squibb Co. (BMY) - Get Bristol-Myers Squibb Company Report  posted fourth-quarter adjusted profit of 68 cents a share, 1 cent above forecasts.

Earnings are also expected Monday from Arconic Inc. (ARNC) - Get Arconic, Inc. Report , National Oilwell Varco Inc. (NOV) - Get National Oilwell Varco, Inc. (NOV) Report  and Yum China Holdings Inc. (YUMC) - Get Yum China Holdings, Inc. Report .

Arconic is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.Want to be alerted before Cramer buys or sells the stock? Learn more now.

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2. -- Broadcom Raises Offer for Qualcomm

Broadcom Ltd. (AVGO) - Get Broadcom Inc. Report made a "best and final" offer to buy Qualcomm Inc.  (QCOM) - Get QUALCOMM Incorporated Report  on Monday for $82 a share.

Broadcom's previous offer of $70 a share consisted of $60 a share in cash and $10 a share in stock.

Reuters reported over the weekend that Broadcom would make an announcement on Monday.

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Broadcom's aim is to ratchet up pressure on its U.S. semiconductor peer to engage in negotiations. The move comes ahead of a Qualcomm shareholder meeting scheduled for March 6, when Broadcom is seeking to replace Qualcomm's board  by nominating its own slate for election, Reuters noted.

Qualcomm shares rose 4.4% in premarket trading to $68.99, while Broadcom fell 1%.

Broadcom is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells the stock? Learn more now.

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3. -- Wells Fargo Gets Fed Rebuke

Well Fargo & Co. (WFC) - Get Wells Fargo & Company Report shares fell 9% in premarket trading on Monday to $58.30 after the Federal Reserve said the bank can't grow any further until its submits a plan that proves it has beefed-up its risk management and board oversight following a 2016 "fake accounts" scandal that rocked the country's third-largest bank.

Citing "recent and widespread consumer abuses and other compliance breakdowns" in a statement on Friday, Feb. 2, that coincided with the end of Janet Yellen's four-year tenure as Fed chair, the central bank also demanded three new Wells Fargo board members by April and a fourth by the end of the year.

The Fed's so-called "consent order" will cut the bank's full-year profit by between $300 million and $400 million, Wells Fargo said.

"We cannot tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again," Yellen said. "The enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely and with the protections needed to manage all of its risks and protect its customers."

4. -- Apple Music Could Overtake Spotify in the U.S.

Apple Music is on the verge of overtaking Spotify AB in U.S. paid subscribers, The Wall Street Journal reported.

Apple Inc.'s (AAPL) - Get Apple Inc. (AAPL) Report streaming-music service, introduced in June 2015, has been adding subscribers in the U.S. more rapidly than its older Swedish rival -- a monthly growth rate of 5% vs 2% -- according to people in the record business familiar with figures reported by the two services.

Assuming that clip continues, Apple will overtake Spotify in the world's biggest music market this summer, the Journal reported.

Globally, however, Spotify has nearly twice as many paid subscribers than No. 2 Apple, and slightly faster subscriber growth.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

5. -- Philadelphia Eagles Win Super Bowl LII

The Philadelphia Eagles beat the New England Patriots 41-33 on Sunday, Feb. 4, to win the franchise's first Super Bowl.

In a back-and-forth battle marked by big passing yards, it came down to a key fumble by quarterback Tom Brady in the fourth quarter that helped solidify the Eagles win.

This article has been updated to include information on Broadcom's increased bid for Qualcomm.

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