Updated from 5:57 a.m. EDT
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Here are five things you must know for Thursday, May 25:
1. -- U.S. stock futures rose Thursday but European shares fluctuated after global oil prices turned sharply lower, reversing solid early gains, after Saudi Arabia's oil minister appeared to rule out deeper production cuts from OPEC in any extension of a prior agreement that has kept 1.8 million barrels of oil from the market each day.
Speaking to reporters during the meeting of members of the Organization of Petroleum Exporting Countries, along with 11 other non-cartel participants such as Russia, Saudi Arabia's Oil Minister Khalid Al-Falih said deeper cuts weren't necessary and that the global market could re-balance to its five-year average if the current agreement is extended for a further nine months.
West Texas Intermediate crude futures declined 2% to $50.34 a barrel. Contracts for Brent crude, the global benchmark, fell 1.6% to $53.08 a barrel.
In the U.S. on Thursday, the economic calendar includes weekly Jobless Claims at 8:30 a.m. EDT, and International Trade in Goods for April at 8:30 a.m.
Federal Reserve Gov. Lael Brainard is scheduled to participate in a panel discussion on global economic issues at the Center for Global Development in Washington at 10 a.m.
U.S. stocks on Wednesday finished with modest gains after minutes from the Fed's meeting earlier in May showed a central bank comfortable with moving rates higher again.
In minutes from their May 2-3 meeting, "most" members of the Fed's monetary policy committee showed a willingness to hike interest rates again "soon" despite leaving them unchanged at a range of 0.75% to 1% at that gathering. The pace of subsequent rate hikes appears a point of debate, though, with several members backing a faster pace, while a few supported slower increases.
2. -- The latest plan from the House of Representatives to repeal and replace the Affordable Care Act would increase the number of people without health coverage by 14 million from today's coverage level in 2018, and by 23 million by 2026, according to estimates released by Capitol Hill budget and tax analysts Wednesday. The plan would cut the deficit by $119 billion through 2026.
The numbers from the Congressional Budget Office refer to the ACA repeal and replace bill passed by the House along party lines on May 4.
Those figures are a change from numbers the CBO previously released for its analysis of a bill that failed to pass the House in March. The deficit reduction would be $32 billion less than the estimated net savings for the March proposal.
The CBO report found that average premiums would fall compared with President Obama's health care overhaul, a chief goal of many Republicans. But that would be partly because policies would typically provide fewer benefits and sicker people would be priced out, the CBO concluded.
Analysts warned that hospital stocks are likely to suffer if the House plan to repeal and replace Obamacare eventually becomes law, including shares of companies such as Community Health (CYH) - Get Report , HCA Healthcare (HCA) - Get Report and TenetHealthcare (THC) - Get Report .
The biggest beneficiaries among public companies are likely to be the largest health insurers, including Anthem (ANTM) - Get Report , UnitedHealth (UNH) - Get Report , Cigna (CI) - Get Report and Humana (HUM) - Get Report .
3. -- Facebook (FB) - Get Report has signed deals with Vox Media, BuzzFeed, ATTN, Group Nine Media and others to make shows for its upcoming video service, which will feature long and short-form content with ad breaks, Reuters reported, citing several sources familiar with the situation.
Facebook is planning two tiers of video entertainment: scripted shows with episodes lasting 20 to 30 minutes, which it will own; and shorter scripted and unscripted shows with episodes lasting about 5 to 10 minutes, which Facebook will not own, the sources told Reuters.
Facebook's move to acquire and license original content is the latest in its push to attract more advertising dollars, putting the company in head-to-head competition with Alphabet's YouTube Red, Snapchat's Discover feature, and traditional television networks, Reuters noted.
The PC and printer maker earned 40 cents a share in the quarter, beating analysts' estimates by a penny. Revenue of $12.39 billion also beat expectations of $11.93 billion. PC sales in the period rose 10%.
HP Inc. also forecast third-quarter results roughly in line with analysts' forecasts.
5. -- Sears (SHLD) posted a quarterly adjusted loss of $230 million, or $2.15 a share, wider than a year-earlier loss of $199 million, or $1.86 a share. Sales at both the Sears and Kmart banners continued to plunge. Same-store sales at Sears crashed 12.4%, marking the 11th straight quarterly decline. At Kmart, sales dived 11.2%, and were down for the 10th straight quarter.
Other companies reporting earnings Thursday include Abercrombie& Fitch (ANF) - Get Report , Best Buy (BBY) - Get Report , Costco (COST) - Get Report , Ulta Beauty (ULTA) - Get Report , Brocade Communications (BRCD) , LionsGate (LGF) , Marvell Tech (MRVL) - Get Report , Medtronic (MDT) - Get Report and Splunk (SPLK) - Get Report .
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