elephant crash destroy demolish car wreck sri lankaREUTERS/Buddhika Weerasinghe

Stocks are in the red in early morning trading, following a sudden plunge in futures on Tuesday night.

Near 10:10 a.m., the Dow was down 163 points, the S&P 500 was down 16 points, and the Nasdaq was down 51 points.

The big markets story is GoDaddy’s initial public offering of 22 million shares. The stock opened for trade up more than 30% at $ w6.15 per share, generating around $ 440 million for the company and valuing it around $ 4.5 billion, according to CNBC.

Shares prices last night $ 20. 

In economic data, ADP reported that private employers added 189,000 jobs in March, missing expectations of 225,000. 

And, the latest manufacturing reading from Markit came in at 55.7, beating the expectation for a 55.3 print.

The latest ISM manufacturing data is due at 10:00, and US oil inventory data from the Energy Information Administration is due at 10:30.

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