Stock Markets, Donald Trump, SpaceX: Your Tuesday Briefing

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A stock indicator showing the Nikkei 225 in Tokyo today. The market sell-off in the U.S. ricocheted across the world. Credit Shizuo Kambayashi/Associated Press

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Good morning.

Here’s what you need to know:

As markets drop, take the long view

• That’s the advice of Neil Irwin, one of our economics correspondents, after the Dow fell 1,175 points on Monday, its largest single-day point decline ever. Here are four takeaways from the sell-off.

He reports that the slump returned the market roughly to its level in mid-December, less than two months ago, and that it seems more worrisome than it is.

Still.

Stock markets in Asia and Europe fell today, and Wall Street opened lower but then recovered.

Our DealBook columnist, Andrew Ross Sorkin, attributes the turmoil to investors’ belief that President Trump’s policies to stoke growth are going to work, but so much so that they’ll overheat the economy.

Mr. Trump took credit for rising stocks at least 25 times in January alone, even though most presidents scrupulously avoid talking about short-term market trends. The past few days demonstrate why. He didn’t mention the recent decline during a speech about the economy on Monday. (Indexes remain well above where they were when he was elected.)

Here are the latest numbers from the U.S. and around the world.

Don’t talk to Mueller, Trump is advised

• President Trump has said that he is eager to speak with Robert Mueller, the special counsel in the investigation into Russian election interference.

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But Mr. Trump’s lawyers have advised him against doing so, according to four people briefed on the matter. The lawyers are concerned that the president could end up being charged with lying to investigators.

Mr. Trump is expected to decide in the coming weeks whether to speak with prosecutors. Refusing would open the possibility of a subpoena and a court fight.

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Next hurdle for Democrats’ memo: Trump

• A classified document rebutting Republican claims that the F.B.I. and the Justice Department abused their powers is now at the White House for review.

The House Intelligence Committee voted on Monday to make the document public. President Trump has five days to say if he will try to block its release.

The Times has asked a surveillance court to unseal secret documents related to the wiretapping of Carter Page, the onetime Trump campaign adviser at the center of the dispute.

Seen as unfit, a lawyer agrees

• Navy Lt. Alaric Piette, 39, is the only remaining member of the defense team for Abd al-Rahim al-Nashiri, a Saudi man accused of orchestrating the bombing of the U.S. destroyer Cole in 2000.

The other defense lawyers at a military tribunal at Guantánamo Bay, Cuba, all quit. Mr. Piette, who has just six years’ experience, admits he’s unqualified to take the case alone.

But leaving his client with no one, he says, would be worse.

Olympians as you’ve never seen them

• The Winter Games begin this week in Pyeongchang, South Korea, and The Times is using augmented reality technology to cover them.

As a preview, we introduce you to four athletes in action. You can view them in 3-D, and walk around them as if they were in your living room.

To start experimenting, here’s what you’ll need. And bookmark this link for all of our Olympics coverage.

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The Daily

Listen to ‘The Daily’: Spying on Americans

The Republican push to release a classified memo has brought new attention to the effort to balance national security concerns and civil liberties.

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The pro-democracy activists, from left, Joshua Wong, Alex Chow and Nathan Law in Hong Kong today. The three, who had been jailed for their roles in enormous protests in the city in 2014, had their sentences thrown out by Hong Kong’s highest court. Credit Vincent Yu/Associated Press

Business

Silicon Valley technologists are challenging the negative effects of services provided by Facebook and Google, companies they helped build.

Virtual currencies have experienced a swift reversal of fortune over the last month, as deep flaws in the industry become clearer.

Saudi Arabia is shifting from oil to renewables. Riyadh plans to build a $300 million solar farm that would generate enough electricity to power 200,000 homes.

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Saudi Arabia’s biggest solar farm in operation covers a parking lot of the national oil company, Saudi Aramco. Credit Christophe Viseux for The New York Times

Newsweek fired two top editors and a reporter who had covered the company’s financial and legal troubles.

Smarter Living

Tips, both new and old, for a more fulfilling life.

You don’t have to be wealthy to hire a financial planner.

Here’s why hangovers may get worse with age.

Recipe of the day: A quinoa and white bean soup doesn’t need meat to taste hearty.

Noteworthy

Partisan writing you shouldn’t miss

Writers from across the political spectrum discuss the Republican memo alleging abuses at the F.B.I. and Justice Department.

The mutant taking over Europe

The marbled crayfish is one of the most remarkable species known to science.

It didn’t exist until about 25 years ago. But a single mutation created it, and the creature can clone itself. The species has now spread across much of Europe and gained a toehold on other continents.

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The marbled crayfish, which are all female, became popular among German aquarium hobbyists in the late 1990s. Credit Ranja Andriantsoa

SpaceX hopes for a milestone

The company founded by Elon Musk plans to test its Falcon Heavy rocket today. If successful, it would be the most powerful rocket in operation.

The launch is set for 1:10 p.m. Eastern. You can watch it here.

Best of late-night TV

Watching footage from Philadelphia after the Super Bowl, Stephen Colbert observed, “Now, it’s hard to tell from that, but that was a screaming inferno of joy.”

Quotation of the day

“If you claim the rise, you own the fall.”

Jay Carney, an Obama administration press secretary, explaining the risks for presidents who tie their political fortunes to the financial markets.

The Times, in other words

Here’s an image of today’s front page, and links to our Opinion content and crossword puzzles.

Back Story

“Oh, what a flight.”

The Times’s headline about the 1988 N.B.A. All-Star festivities said it all. The weekend belonged to Michael Jordan of the Chicago Bulls, widely considered the greatest basketball player of all time. He cemented his place in slam dunk history 30 years ago today.

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Michael Jordan during All-Star weekend in Chicago in 1988. Credit John Swart/Associated Press

In the final round of the slam dunk contest, in which judges award competitors’ creativity, Jordan faced Dominique Wilkins of the Atlanta Hawks.

In one of his final dunks, Jordan dribbled from the far end of the court and leapt from the foul line, 15 feet from the basket. Back arched, legs trailing behind him, Jordan sailed through the air with one hand pushing the ball toward the basket. The judges awarded him a perfect score.

The overall win could easily have gone to Wilkins, but Jordan was performing in front of a hometown crowd in Chicago, which “surely had some influence on the slam dunk judges, and galvanized his All-Star teammates, to say nothing of their considerable effect on The Flying Machine himself,” The Times reported.

The next day, Jordan would go on to score 40 points in the All-Star Game.

“This was,” Jordan said, “a picture-perfect weekend.”

Remy Tumin contributed reporting.

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