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Here are five things you must know for Wednesday, Jan. 11:
1. -- U.S. stock futures were slightly higher Wednesday while European and Asian shares rose ahead of a press conference by President-elect Donald Trump, his first since July.
Trump could provide details Wednesday on his policy positions, including infrastructure spending plans and policies intended to boost job growth. The press conference begins at 11 a.m. EST at Trump Tower in New York.
Ahead of the press conference, Russia denied it had compromising material on Trump, calling the claims an "absolute fabrication" and an attempt to damage U.S.-Russian relations, The Wall Street Journal reported.
Kremlin spokesman Dmitry Peskov dismissed the report, which claimed that Russia has material that could be used to blackmail Trump, as "pulp fiction," according to Russian news agencies.
Classified documents that the heads of four U.S. intelligence agencies presented last week to Trump included claims that Russian intelligence operatives have compromising information about him, two U.S. officials told Reuters on Tuesday.
Trump, responding in a tweet on Tuesday, called the reports: "FAKE NEWS - A TOTAL POLITICAL WITCH HUNT!"
Separately, Rex Tillerson, the Exxon Mobil (XOM) executive who is Trump's pick for secretary of state, will have his confirmation hearing on Capitol Hill on Wednesday. He's likely to be grilled about his ties to Russia.
2. -- U.S. stocks ended Tuesday mixed, with the Nasdaq enjoying a record close for its third day in a row and the Dow Jones Industrial Average hitting pause again on moves toward 20,000.
The S&P 500 ended flat and the Dow fell 0.16%, finishing at 19,855. The Nasdaq added 0.36% and ended the day with a new record close of 5,551. The index has risen for six consecutive sessions.
As for Wednesday, the economic calendar in the U.S. includes Crude Inventories for the week ended Jan. 6, at 10:30 a.m. EST, while New York Federal Reserve Bank President William Dudley will speak about banking culture at a symposium in New York at 1:20 p.m.
3. -- Boeing (BA) said in an internal memo seen by Reuters that it would conduct involuntary layoffs of engineers, part of a cost-cutting drive as the company responds to increasing competition amid slowing aircraft sales.
The reductions at the aerospace and defense company also include dozens of job categories eligible for voluntary layoffs in Washington state, southern California and South Carolina, Reuters reported.
Boeing didn't indicate in the memo the number of reductions the company planned. Vice Chairman Ray Conner and Commercial Airplanes Chief Executive Officer Kevin McAllister said last month that Boeing would continue job cuts in 2017, Reuters noted. Boeing cut more than 10,800 jobs in 2016.
"While we have made good progress, more changes are needed to ensure our long-term future," John Hamilton, vice president of engineering at Boeing Commercial Airplanes, wrote in the memo, Reuters reported.
"We continue to operate in an environment characterized by fewer sales opportunities and tough competition," Hamilton added.