Updated from 6:04 a.m. EST
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Here are five things you must know for Thursday, Jan. 12:
1. -- U.S. stock futures and shares in London and Asia moved lower Thursday after President-elect Donald Trump offered few details on his policies during his first press conference since winning the U.S. election in November.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, declined 0.6% to 101.13 early Thursday. Gold prices rose 0.7% to $1,205.30 an ounce as investors pulled back from risk positions.
Like Trump's press conference, trading on Wall Street on Wednesday was unpredictable and volatile. Stocks finished slightly higher after flitting between losses and gains in the hours after Trump took the stage.
The S&P 500 gained 0.28%, and the Dow Jones Industrial Average added 0.50%. The Nasdaq was up 0.21%, securing a new record close of 5,563. The CBOE Volatility Index spiked to more than 12 on Wednesday.
As for Thursday, the economic calendar in the U.S. includes weekly Jobless Claims at 8:30 a.m. EST and Import and Export Prices for December at 8:30 a.m.
A number of Federal Reserve officials will be speaking Thursday, the highlight being a town hall meeting with Chair Janet Yellen in Washington at 7 p.m. She will be meeting with educators.
Chicago Fed President Charles Evans and Atlanta Fed President Dennis Lockhart will discuss current economic conditions or monetary policy at an American Council of Life Insurers Executive Roundtable in Naples, Fla., at 8:30 a.m., while St. Louis Federal Reserve Bank President Bullard will make a presentation about the U.S. economy and monetary policy at the Forecasters Club of New York at 1:15 p.m.
2. -- Shares of pharmaceutical and biotech companies sold off after Trump suggested he would aggressively negotiate the prices the U.S. paid for drugs. Trump said Wednesday that pharmaceutical companies have been "getting away with murder." The iShares Nasdaq Biotechnology ETF (IBB) fell 3% on Wednesday, while the SPDR S&P Biotech ETF (XBI) slid 3.5%.
In trading Thursday in Europe, shares in U.K. health care companies declined, with Shire (SHPG) falling 3.5%, AstraZeneca (AZN) down 1.7% and Hikma Pharmaceuticals (HKMPY) declining almost 3%. In Germany, shares in Bayer (BAYRY) fell 0.72%.
3. -- Crude oil in the U.S. was rising 1.1% to $52.83 a barrel early Thursday after jumping nearly 3% in the previous session despite a weekly reading on inventories that showed an increase nearly four times what analysts had expected. U.S. crude stocks rose by 4.1 million barrels in the past week, partially reversing a drop seen a week earlier. Analysts had expected inventories to rise by 1.2 million barrels.
On Thursday, Iraq's oil minister said his country would honor its commitment to OPEC's oil production cuts and would like to see oil prices at about $65 a barrel. His comments could calm fears that the cartel's No. 2 producer was unwilling or unable to reduce output.
Iraq already has cut output by 170,000 barrels and this week plans to take out another 40,000 barrels to hit its target of a reduction of 210,000 barrels a day to 4.35 million barrels a day, Jabbar Al-Luabibi told reporters Thursday at the Atlantic Council Global Energy Forum in Abu Dhabi.
"This is definitely our policy, we will not deviate from this," the minister said. Iraq is "hoping for a better (oil) price ... we are looking at $65, something like that."
4. -- Delta Air Lines (DAL) reported fourth-quarter adjusted earnings of 82 cents a share, matching analysts' estimates.
The company said it expects first-quarter passenger unit revenue flat to up 2%.
The stock dipped slightly in premarket trading.
5. -- Alphabet (GOOGL) confirmed a report in technology blog 9to5Google that it had shut down its Titan group -- the company's solar drone project.
Engineers at the unit were told to look for other jobs within Alphabet/Google in the coming months. More than 50 employees were involved in the process, according to 9to5Google.
The project was shut down almost a year ago but only was confirmed on Wednesday.
Google bought Titan Aerospace, which specialized in solar-powered drones, in 2014.