Stocks set to open lower
U.S. stock futures retreated early Wednesday as market participants await a flurry of economic reports, including ADP June jobs numbers, EIA weekly crude inventories data, pending home sales data for May, and Chicago PMI for June.
Traders will be keeping a close eye on the ADP figures, due at 8:15 a.m. ET, for any new information on the state of the U.S. labor market, which Federal Reserve policymakers have indicated is a priority.
As of 5:40 a.m. ET, futures tied to the blue-chip Dow were down 107 points, or 0.31% to 34,062.5. S&P 500 futures fell 8.38 points, or 0.20% to 4,273.62 while the tech-heavy Nasdaq 100 futures gave away 26.25 points, or 0.18% to 14,536.75.
Didi prices IPO at $14, valuing company at over $67 billion
Didi priced its initial public offering at $14 a share on Tuesday afternoon, the top end of the expected range.
The American depositary shares (ADS) of the Chinese riding sharing giant are scheduled to begin trading Wednesday on the New York Stock Exchange under the ticker “DIDI.”
Didi had estimated shares to be priced between $13 and $14 apiece. The company reportedly sold 317 million ADS, compared to its target of 288 million ADS, and the upsized IPO raised about $4.4 billion.
This would give it a valuation of about $67.5 billion on a non-diluted basis and $73 billion on a fully diluted basis.
Crude futures rise as OPEC+ delays production talks
On the commodities front, crude futures rose on Wednesday after major producers postponed preliminary talks that could increase in output for August.
OPEC and its allies, a group known as OPEC+, reportedly delayed talks between ministers by a day to allow more time for a compromise before a crucial meeting on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were up by 73 cents, or 1% at $73.71 per barrel by 5:40 a.m. ET. International Brent crude futures gained 48 cents, or 0.65% to $74.76 per barrel.
