STOCKS GET SLAMMED, DOW FALLS 250: Here's what you need to know

Stocks continued their volatile streak on Tuesday, selling off substantially throughout the day and giving back all Monday's gains.

All three major indexes fell substantially, ending the day near their lows. Tuesday marked the third straight day that the S&P 500 moved by 1% in either direction, after 43 straight days of not doing so.

We have all the major market headlines, but first, the scoreboard:

• Dow: 18,066.75, -258.32,(-1.41%)
• S&P 500: 2,127.02, -32.02, (-1.48%)
• Nasdaq: 5,155.25, -56.63, (-1.09%)
• WTI crude oil: $45.48, -1.36, (-2.90%)
• 10-year yield: 1.734%, (+0.062)

1. Saudi Arabia is once again the largest oil producer in the world. After being supplanted by the US in 2014, the International Energy Agency's report released on Tuesday showed that the Saudis are once again the largest producers.
2. The median household income in America increased for the first time since 2007. A report released by the US Census Bureau on Tuesday showed that median real household income increased by 5.2% for all American families in 2015. This is the first increase since the financial crisis.
3. iPhone 7 sales are exceeding expectations. Two carriers, Sprint and T-Mobile, said that pre-sales are above projections. The stock was up 2.5% for the day following the news.
4. Atlanta Fed President Dennis Lockhart announced he is stepping down. The regional Fed president said he will be leaving the branch on February 28, 2017 and no replacement has been named yet.
5. Wells Fargo is fighting back against mounting problems. CFO John Stumpf defended the bank in an interview with the Wall Street Journal, while CFO John Shrewsberry said at a conference that "people apparently were making bad choices to hang on to their job."
6. Some of the biggest hedge fund managers in the world presented their best ideas. Ray Dalio, Paul Singer, Jim Chanos, and more presented at CNBC's Delivering Alpha conference. Their ideas included shorting Tesla (a long-time Chanos position) and going long the S&P 500.

Additionally:

Fund managers thinks stocks haven't been this overvalued since the tech bubble

There's a big difference between how millennials and their parents spend money

Something is missing from the hedge fund industry

Auto lending is setting off alarm bells

Big cities are doing better than rural areas

Here's why bond yields could go even higher from here

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