Here are 10 things you should know for Thursday, Jan. 7:

1. -- U.S. stock futures were tumbling early Thursday after China halted stock trading for the second time this week after prices there plunged.

On Thursday, trading in China was suspended after the CSI 300 index tanked 7% a half-hour after markets opened, triggering a "circuit breaker" that was introduced Jan. 1.

Financial analysts have warned Chinese markets are likely to see extreme volatility for a few more months as they seek a stable level following last year's rout.

"The market still is trying to find a bottom, and that takes time," Chen Yong, a strategist at Lianxun Securities, told The Associated Press. "The key is to be able to resume normal daily trading, and during that time volatility is inevitable."

European stocks were trading lower and Asian shares finished the session with heavy losses.

Oil prices continued their recent slide, falling 2.3% in electronic trading early Thursday to $33.18 a barrel. Oil prices were touching levels not seen since the early 2000s.

2. -- The economic calendar in the U.S. on Thursday includes Challenger Job Cuts for December at 7:30 a.m., and weekly Initial Jobless Claims at 8:30 a.m. 

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3. -- U.S. stocks on Wednesday suffered through another selloff, on Wednesday, making it the worst three days of a new year since 2008.

The driving force was fear. Investors were rattled by North Korea's claim that it tested a hydrogen bomb, more bad news about China's economy and the 5% plunge in oil prices, which pushed crude to its lowest level in 12 years. 

The S&P 500 closed down 1.31%, the Dow Jones Industrial Average declined 1.47%, and the Nasdaq slipped 1.14%. 

4. -- Yahoo! (YHOO) will be cutting more jobs as part of its planned reorganization to get its business back on track, according to a report from Business Insider.

The company is working on a plan to cut at least 10% of its workforce, said sources familiar with the situation. The cuts would reduce Yahoo!'s headcount by more than a thousand employees and could begin as early as this month, the sources told Business Insider.

Yahoo!'s media business, European operations, and platforms-technology group, which includes the technology that supports the company's services, could be particularly hit in the restructuring, the report said.

5. -- Oscar Munoz, the CEO of United Airlines(UAL) - Get Report , who has been on medical leave since suffering a heart attack in October, underwent a heart transplant on Wednesday. The airline said that he is recovering.

United said that it expects Munoz to return to work this spring. The airline said that a transplant was "considered the preferred treatment and was not the result of a setback in his recovery."

It did not provide more details, including where the transplant was performed. It promised to provide more information within 24 hours.

Munoz, 57 years old, became CEO in early September after Jeff Smisek abruptly stepped down during a federal investigation.

6. -- Macy's(M) - Get Report said it planned to cut 4,800 jobs, listed 40 stores it would close or had closed, and slashed its profit outlook after a downbeat holiday season.

The department store retailer said same-store sales plunged 4.7% for the months of November and December combined, and sales trends into January haven't improved much either. Macy's said it now expects same-store sales for its fourth quarter, which runs through January, to fall by about 4.7%, worse than previous guidance for a decline of 2% to 3%.

Macy's also lowered its full year earnings guidance to $3.85 to $3.90 a share from its prior expectations of $4.20 to $4.30 a share. Making the fresh earnings warning especially troubling , Macy's had already lowered its full year earnings outlook by about 40 cents a share when it reported third quarter's results in November.

7. -- TransCanada(TRP) - Get Report , which proposed the Keystone XL oil pipeline, filed a lawsuit over the U.S. government's rejection of the project and announced it plans to file a second legal challenge that will seek more than $15 billion in damages.

The Canadian company filed a federal lawsuit Wednesday in Houston alleging President Obama's decision in November to kill the pipeline exceeded his power under the U.S. Constitution.

The company also announced it would submit a separate petition seeking the billions in damages, alleging the U.S. breached its obligations under the North American Free Trade Agreement.

Gorman also reiterated his intent to remain in his role for at least five more years. The firm's board endorsed that timetable, which all but eliminates Fleming, 52 years old, as a long-term CEO choice, The Wall Street Journal reported.

9. -- Apple(AAPL) - Get Report CEO Tim Cook received a raise of more than $1 million last year, though he didn't make as much as his top lieutenants.

The tech giant said in a filing that Cook's total pay was nearly $10.3 million, including $2 million salary, an $8 million bonus and $209,000 for private security. Apple paid five senior vice presidents more than $25 million apiece, including stock grants worth $20 million.

Cook hasn't received stock in recent years. He was given restricted grants worth $384 million in 2011, when he became CEO, The Associated Press reported.

10. -- Earnings are expected Thursday from Walgreens Boots Alliance(WBA) - Get Report , KB Home(KBH) - Get Report , Constellation Brands(STZ) - Get Report and Bed Bath & Beyond(BBBY) - Get Report .