5 Things to Know Before Markets Open

Grocery delivery company Instacart priced its initial public offering (IPO) at $30 a share ahead of its debut on the Nasdaq and Google rolled out new features for its Bard artificial intelligence AI chatbot. Here’s what investors need to know today.

1. Grocery Delivery Company Instacart Prices Shares at $30 in IPO

Grocery-delivery company Instacart priced its IPO at $30 a share, valuing the company at about $10 billion. The stock is set to begin trading on Nasdaq later this morning under the symbol “CART.”

2. Google Rolls Out Bard Chatbot Updates as It Lags ChatGPT Traffic

Alphabet’s (GOOGL) Google rolled out new features for its Bard artificial intelligence (AI) chatbot including the ability to fact-check its answers and analyze user’s personal data on Google, as the search giant competes with the popularity of OpenAI’s ChatGPT. Shares of Alphabet rose 0.3% in pre-market trading.

3. NIO Shares Fall as EV Maker Offers Convertible Bonds

Chinese electric vehicle maker NIO (NIO) said it would offer to investors $1 billion in convertible bonds, which can be turned into company shares, but could also dilute the value of existing shares of the stock. The company said it would use the proceeds to pay off debt and strengthen its balance sheet. American depositary receipts (ADR) of NIO fell 4.3% in pre-market trading.

4. Stitch Fix Shares Dive as Client Base Shrinks

Online clothing service Stitch Fix reported a 22% drop in revenue as the company’s active client base fell to 3.3 million, down from 3.4 million the prior quarter and 3.8 million from the same period a year ago. Stitch Fix reported $375.8 million in revenue, ahead of analyst projections of $371.2 million, while its quarterly net loss of $0.24 a share was better than the $0.89 a share loss from the same quarter last year, but lower than the $0.21 a share loss that analyst had forecasted. Shares of Stitch Fix (SFIX) fell more than 6% in pre-market trading.

5. Housing Starts Expected to Decline While Building Permits Projected to Tick Higher

Housing starts are expected to have fallen to 1.43 million in August, down from July’s 1.45 million, when the Census Bureau releases that data at 8:30 a.m. ET. Also released at that time, building permits, a forward-looking indicator, are expected to have moved up to 1.45 million in August from 1.44 million in July.