IPO stocks fluctuated on Thursday. All three of them tumbled down early in the session. Investors remain cautious after Wednesday’s action in the major indexes and stocks. They prefer to wait until the market truly rebounds before making major moves. Stock market futures also underscore traders’ worries.
On Wednesday, JFrog jumped by 47% to 64.79, increasing to $504 million. Warren Buffett-backed Snowflake stock also surged forward by 112% to 253.93 after hitting 319 high intraday. The Snowflake IPO raised $3.4 billion overall.
JFrog and Snowflake are currently priced above their expected ranges. China IPO KE Holdings managed to break out. This stock debuted last month and thus far is quite successful.
The stock market traded mostly on bearish territory on Wednesday. Stocks closed lower after the Fed meeting and the agency’s chief Jerome Powell’s press conference.
The meeting statement and Jerome Powell gave no indication they would encourage inflation. Furthermore, Policymakers haven’t signaled to any Fed rate hikes through 2023 during the meeting.
The stock market rally strengthened after the Fed’s news, but soon it reversed the course. On Thursday morning, the S&P 500, the Dow Jones, and the Nasdaq futures tumbled down in the red.
After investors moved to sell, the major indexes lowered. Amazon.com, PayPal, Apple stock, Microsoft, Netflix, and Adobe struggled. The Nasdaq composite suffered the most after briefly soaring above its 21-day exponential moving average.
The Dow Jones barely managed to stay positive due to some real economy names, which fared well. But the S&P 500 index ended on the bearish territory. Adobe stock tumbled down below its key level despite strong earnings, and Apple hit resistance at its 21-day line. Netflix, Microsoft, Amazon stock, and PayPal also hit resistance at their 50-day lines.
Amazon.com, Adobe, Apple, Netflix, Microsoft, and PayPal are on IBD Leaderboard. KE Holdings recently joined that elite group as well.
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