Updated from 6:51 a.m. EDT
Here are 10 things you should know for Wednesday, June 4:
1. -- U.S. stock futures were suggesting a lower start for Wall Street on Wednesday ahead of a U.S. jobs report and after European stocks declined amid a slowdown in first-quarter euro-area economic growth.
Asian shares ended the session mixed. Japan's Nikkei 225 rose 0.2%.
2. -- The economic calendar in the U.S. on Wednesday includes the ADP Employment Change Index for May at 8:15 a.m. EDT, the trade balance for April at 8:30 a.m., productivity for the first quarter at 8:30 a.m., the ISM Services Index for May at 10 a.m., and the Federal Reserve's "Beige Book" at 2 p.m.
3. -- U.S. stocks on Tuesday declined. The Dow Jones Industrial Average fell 0.13% to 16,722.34, the S&P 500 slid 0.04% to 1,924.24, and the Nasdaq dropped 0.07% to 4,234.08.
4. -- Tesla's (TSLA) Elon Musk said Tuesday at the electric carmaker's annual shareholder meeting that he would remain as CEO for at least another four to five years.
Musk said he's committed to staying through the start of high-volume production of Tesla's coming third-generation car, which the company would like to start producing at the end of 2016, The Wall Street Journal reported.
Musk also said he may have to do something drastic to get automakers to do more as it relates to electric vehicles.
"I'm contemplating doing something fairly significant on that front which would be fairly controversial as it relates to Tesla's patents, but I need to write something down to explain my reasoning," Musk said.
Tesla shares fell 0.2% in premarket trading to $204.45.
5. -- Japanese insurer Dai-ichi Life Insurance reached an agreement to acquire Protective Life (PL) for $5.7 billion.
Japan's No. 2 life insurance company, Dai-ichi has said it wished to expand globally. It already operates in Vietnam, Thailand, India, Indonesia and Australia in addition to Japan.
Protective Life, Birmingham, Ala., is a medium-size insurer in the individual life and annuities business nationwide. It has a market share ranking of 36th in the U.S. as measured by group premium income.
Protective Life shares rose 18.2% in premarket trading to $69.40.
6. -- Officials at General Motors (GM) believe CEO Mary Barra will be cleared of wrongdoing in the recall crisis after a three-month investigation by Anton R. Valukas, the former United States attorney, The New York Times reported.
Results of the internal investigation of the ignition switch recall could be made public as soon as this week, according to the Times. Valukas's report is expected to name executives, employees and departments within GM responsible for the delayed recall, and recommend broad corporate and personnel changes at the nation's largest automaker, the newspaper said.
7. -- Markit, the financial information service provider, said the expected price of its initial public offering would be $23 to $25 a share, which would value the company at up to $4.47 billion, according to Reuters.
Selling shareholders plan to sell 45.7 million shares in the IPO, which could raise as much as $1.14 billion.
NRG is set to pay more than $800 million for the Alta Wind Energy Center in the Tehachapi, Calif., region north of Los Angeles, the people said. The portfolio is currently owned by an affiliate of private-equity firms Global Infrastructure Partners and ArcLight Capital Partners LLC. A deal could be announced as soon as Wednesday, some of the people told the Journal.
9. -- Homebuilder Hovnanian (HOV) is expected by Wall Street to report on Wednesday fiscal second-quarter earnings of 3 cents a share on sales of $476.7 million.
10. -- Delegates to the United Auto Workers convention voted to raise dues by 25% to shore up the union's finances, the first increase in 47 years.
Representatives from local unions across the nation approved the increase with a show of hands, raising dues from two hours of pay per month to 2 1/2 hours.
About two-thirds of the roughly 1,100 delegates attending the convention in Detroit voted for the increase after more than two hours of debate.
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-- Written by Joseph Woelfel
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