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Here are five things you must know for Thursday, July 6:

1. -- U.S. stock futures were lower on Thursday, July 6, as tensions over North Korea escalated ahead of a meeting of world leaders in Germany. 

The chance for diplomacy to deal with North Korea's recent actions are "quickly closing," U.S. ambassador Nikki Haley told a U.N. Security Council on Wednesday, July 5.

"One of our capabilities lies with our considerable military forces," she continued. "We will use them if we must, but we prefer not to have to go in that direction."

North Korea said Wednesday that its intercontinental ballistic missile, fired into Japan's Exclusive Economic Zone early Tuesday, July 4, is able to carry a large nuclear warhead. The U.S. Defense Department believes the missile could reach as far as Alaska and possibly other parts of the North American mainland.

The missile firing comes days before of a meeting of G20 leaders where a discussion of the proliferation of weapons in Pyongyang will be on the agenda. World leaders will attend the G20 summit in Hamburg, Germany on Friday, July 7.

President Donald Trump and Russian President Vladimir Putin will meet on the sidelines of the summit to discuss, among other things, sanctions against Russia and the country's involvement in the fight against ISIS. Meeting outcomes will be closely dissected as the Trump White House continues to battle allegations of collusion with the foreign government during the 2016 election. 

Trump will also have to justify his June decision to back out of the Paris Agreement, a worldwide voluntary commitment to fighting climate change. 

2. -- The ADP Employment report for June will be released on Thursday, instead of Wednesday, while weekly jobless claims are set for their regular release schedule on Thursday.

Outside of employment data, the economic calendar in the U.S. on Thursday includes international trade for May at 8:30 a.m. ET and ISM non-manufacturing index for June at 10 a.m. 

In Fedspeak, San Francisco Federal Reserve President John C. Williams discussed global growth at an event in Australia earlier in the morning, Fed Governor Jerome Powell will speak on housing finance reform in Washington, D.C. at 10 a.m., and Fed Vice Chairman Stanley Fischer will hold an audience Q&A on government policy at 7:30 p.m. 

Federal Reserve minutes out on Wednesday reaffirmed the central bank's confidence in the U.S. economy's ability to withstand further tightening.

According to the minutes, "several" Fed members back an unwinding of its balance sheet within a "couple of months." Fed members had previously said that the central bank could begin to unwind the $4.5 trillion in bonds it holds on its balance sheet as early as this year, and private economists have suggested it may start in October.

Members also indicated a willingness to continue increasing interest rates at coming meetings even with recent softening inflation trends. The Fed has said it sees recent inflation weakness as transitory.

The Federal Open Market Committee, the monetary policy arm of the U.S. central bank, raised interest rates by 25 basis points at its June 13-14 meeting, setting the target range at 1% to 1.25%. The increase was the Fed's second of the year and was taken as a vote of confidence in the U.S. economic recovery and future pace of growth.

3. -- Yum! China Holdings (YUMC) pulled back 7% in premarket trading after a so-so second quarter. The parent of KFC and Pizza Hut in the China region earned an in-line 27 cents a share, while revenue of $1.59 billion came in flat from a year earlier. Same-store sales increased 3%, higher than an expected 2.4%. 

PriceSmart (PSMT) tumbled before the bell after falling short of profit and sales estimates over its fiscal third quarter. Earnings of 62 cents a share missed by 5 cents. Revenue increased 3.7% to $730.3 million, but missed estimates by $4.2 million.

Herman Miller (MLHR) increased 7% in premarket trading on a mixed fourth quarter. Earnings of 64 cents a share beat consensus by 9 cents. Revenue slipped 0.9% to $577.2 million and missed estimates by $6.3 million.

The second-quarter earnings season won't kick off in earnest until the big banks report their quarterly performances next week. JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) are set to report on Friday, July 14.

Wells Fargo is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells WFC? Learn more now. 

The Federal Reserve still in focus.
The Federal Reserve still in focus.

4. -- Crude oil prices rebounded to above $45 a barrel on Thursday after a larger-than-expected drawdown in domestic supplies. 

U.S. oil stockpiles fell by 5.8 million barrels in the week ended June 30, The American Petroleum Institute reported late Wednesday. The drawdown was far larger than an anticipated decline of 1.6 million barrels. Gasoline stockpiles fell, while distillates increased. 

Official weekly stockpiles data from the Energy Information Administration will be released on Thursday at 10:30 a.m. ET. The release had been pushed back a day because of the July 4 holiday.

West Texas Intermediate crude was up 1.6% to $45.83 a barrel on Thursday morning. 

Crude oil had endured a steep selloff on Wednesday after Russia knocked down the chances of further cuts among the Organization of Petroleum Exporting Countries. Four government officials have ruled out deeper output reductions as a proposal when the group meets later in July, according to Bloomberg. OPEC and non-OPEC countries, including Russia, agreed in May to extend a production-cut agreement through March 2018.

Prices had fallen just over 4% on Wednesday, their largest one-day decline in a month. 

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