Updated from 7:07 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, June 3:
1. -- U.S. stock futures were rising on a big day for economic data reports, including the Federal Reserve's Beige Book.
European stocks were mixed on Wednesday amid another crunch meeting on Greece, and as U.K. services growth registered its weakest pace in five months. Mining stocks fell in London on oversupply worries.
Asian stocks were moving downward, as Japan's Nikkei dropped slightly and the Shanghai Composite fell 1.4%.
2. -- The economic calendar in the U.S. on Wednesday includes the Mortgage Bankers' Association mortgage application numbers at 7 a.m., the ADP Employment Report at 8:15 a.m., international trade data at 8:30 a.m., the Gallup U.S. Job Creation Index at 8:30 a.m., the Purchasing Managers' Index services index at 9:45 a.m., the ISM Non-Manufacturing index at 10 a.m., the Energy Information Administration petroleum status report at 10:30 a.m., and the Federal Reserve Open Market Committee Beige Book at 2 p.m. European Central Bank chief Mario Draghi will also speak to the press Wednesday after a monetary policy meeting.
3. -- U.S. stocks on Tuesday sank after a crude oil rally was overshadowed by worries about Greece's debt negotiations. Rising bond yields started a selloff in utilities stocks.
4. -- The Federal Reserve's Beige Book will be published Wednesday at 2 p.m. The Beige Book looks at current U.S. economic conditions and is published eight times a year. Marketwatchers will attempt to glean hints about the economy and upcoming Fed policies from the book, in the hopes of predicting when interest rates may rise and what movements the Fed may take.
5. -- Ben Bernanke, the former Federal Reserve chair, said he doesn't think that the stock market has gotten too frothy. In a blog post for the Brookings Institution, Bernanke wrote, "Stock prices have risen rapidly over the past six years or so, but they were also severely depressed during and just after the financial crisis. Arguably, the Fed's actions have not led to permanent increases in stock prices, but instead have returned them to trend."
Stock valuations are at relatively high levels, historically speaking. Bernanke said "monetary policy is a blunt tool" to address economic and financial issues, but that overall the Fed's moves were helpful. Some have said that quantitative easing and the zero interest rate policy have exacerbated inequality, but Bernanke said that the Fed's actions were necessary to pursue its goals of "maximum employment and price stability."
6. -- Wearable fitness gadget company Fitbit set the terms of its upcoming initial public offering. Fitbit will seek to raise $358 million, selling 22.4 million shares at $14 to $16 each. According to regulatory filings, Fitbit made a profit of $131.8 million on $745.4 million in revenue. The company said it might use the money it raises for research and development or to make new acquisitions.
The company will trade on the New York Stock Exchange under the FIT ticker.
7. -- San Antonio-based U.S. Global Investors has started an airline ETF, Global Jets ETF (JETS). Airline stocks have been dropping over the course of May. TheStreet's Ted Reed is reporting on the new fund, its origins and its prospects.