NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Dec. 10:
1. -- U.S. stock futures were trading slightly lower as crude oil prices slid almost 2% on Wednesday to under $63 a barrel.
European stocks recovered from Tuesday's selloff, following Chinese stocks higher amid hopes weak price data will encourage the People's Bank of China to relax monetary policy to spur growth.
2. -- The economic calendar in the U.S. on Wednesday includes the Treasury budget for November at 2 p.m. EST.
3. -- U.S. stocks on Tuesday ended mostly lower on global growth concerns.
Greek stocks plummeted as the nation's government expedited its presidential vote by two months to Dec. 17, and shares in China tanked after regulators tightened lending rules.
The S&P 500 fell 0.11% to 2,059.82 and the Dow Jones Industrial Average declined 0.29%, the index's first back-to-back loss since October. The Nasdaq rose 0.04%.
4. -- Congressional negotiators agreed on a $1.1 trillion U.S. spending bill that would fund most of the government through September and averted a government shutdown that was set for midnight Thursday.
House Speaker John Boehner said he hoped for a vote on the measure on Thursday. Senate approval would then be required to send it to President Obama.
The measure largely keeps unchanged fiscal 2015 domestic spending, while adding funds to fight Islamic State militants in Iraq and Syria and to fight Ebola in West Africa, according to Reuters.
In an unexpected move, lawmakers agreed on legislation expected to be incorporated into the spending measure that will permit a reduction in benefits for current retirees at economically distressed multiemployer pension plans. Supporters told The Associated Press it was part of an effort to prevent a slow-motion collapse of a system that provides retirement income to millions, but critics objected vehemently.
5. -- Oil giant BP (BP) said it would cut hundreds of jobs by the end of 2015 under a $1 billion restructuring program.
The bulk of the costs will go toward staff redundancies in all segments, including oil exploration and production, refining and trading and administration, a company spokesman told Reuters.
"The simplification work we have already done is serving us well as we face the tougher external environment," CEO Bob Dudley said in a statement. "We continue to seek opportunities to eliminate duplication and stop unnecessary activity that is not fully aligned with the group's strategy."
The charges will be incurred over the next five quarters, including the current quarter, BP said.
6. -- Luxury homebuilder Toll Brothers (TOL) reported fiscal fourth-quarter earnings of 71 cents a share, below Wall Street estimates of 73 cents.
Revenue rose to to $1.35 billion from $1.04 billion a year earlier, and topped forecasts of $1.34 billion.
Toll said on Wednesday the average price of homes delivered was $747,000, up from $703,000 a year earlier.
7. -- Yum! Brands (YUM) cut its profit outlook for the year because sales in China are recovering more slowly than the company expected after a food-safety scare.
Yum!, the owner of Taco Bell, KFC and Pizza Hut restaurants, said revenue from stores open a year in China will fall by a "mid-single-digit" in 2014.
The company said it expects earnings per share for 2014 to grow by a "mid-single-digit" percentage, the second cut Yum! has made this year. Yum! initially forecast a 20% gain for 2014 but in October lowered that to a 6% to 10% gain.
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