Didi, Baidu, GameStop: What to Watch When the Market Opens

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Here’s what we’re watching ahead of the opening bell on Wednesday.

  • U.S. stock futures ticked up ahead of the release of the Federal Reserve’s latest meeting minutes and fresh data on the labor market.
  • Nasdaq-100 futures climbed 0.6%, suggesting that the benchmark for large-cap technology stocks may climb for a fourth trading session. Futures tied to the S&P 500 edged 0.1% higher.
What’s Coming Up
  • Fed minutes are out later today, and will be closely watched after 10-year Treasurys rallied strongly Tuesday and early Wednesday, sending yields lower. The 10-year yielded 1.344% early Wednesday.
  • Job openings are expected to hold at the near-10 million level in May from the previous month following the huge growth in staffing needs for American firms so far this year.
  • WD-40, the spray lubricant maker, reports earnings after the bell.
Market Movers to Watch
  • The recently U.S.-listed Chinese stocks hit by a regulatory crackdown at home mostly continued to struggle ahead of the open on Wednesday. Didi Global was off a further 3.6% after a 20% drop Tuesday. Full Truck Allianc e was down 4.3% after a 6.7% fall.
  • Kanzhun broke this trend: Its shares were up 1.6% premarket following Monday’s 16% drop.
  • Other U.S. listed Chinese stocks that were collateral damage in Tuesday’s action recovered on Wednesday. Baidu gained 1%, Tencent Music 0.9% and JD.com 1.8% in premarket trading.
  • Here’s your memestock roundup: GameStop is down 2%; Clean Energy Fuels is up 5.1% after a 5.4% drop Tuesday; Virgin Galactic is up 1.8%; Clover Health Investments is up 2.4%; SoFi Technologies is up 1.6%; AMC Entertainment is down 0.8%.
  • High oil prices are boosting some energy stocks with Devon Energy up 3.1% and Occidental Petroleum up 1.8% in premarket trading.
Market Facts
  • Consumers reported losing nearly $82 million to crypto scams during the fourth quarter of 2020 and first quarter of 2021, more than 10 times the amount from the comparable six-month period a year earlier, according to the Federal Trade Commission.
  • U.S. grains inventories are down to their lowest levels since 2015. That’s one reason why prices are gyrating as growing areas of the country wait for rain.
  • On this day in 1993, Charles W. Knapp was found guilty on three counts of conspiracy after his savings & loan empire collapsed, costing the U.S. taxpayer $2 billion.
Chart of the Day 

Small stocks will continue to benefit from the reopening of the U.S. economy, especially those that do better when people can physically visit them like restaurants and clothes retailers.

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Write to Paul J. Davies at paul.davies@wsj.com

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