Friends
It was a hugely successful day in the IPO market led by DoorDash, but the success of the IPO’s seemed to suck all of the air out of the room (or the money out of the Nasdaq). As the IPO shares soared, high flying stocks on the Nasdaq tumbled.
By the close, the Dow Jones Industrial Average was down 105 points to finish the day at 30,068. The S&P 500 was down 29 points to close at 3,672. The aforementioned Nasdaq Composite Index was down 243 points to close at 12,338. Gold was down $38 to trade at $1,836 per ounce, while oil was down $.07 to trade at $45.53 per barrel WTI.
Investing in the stock market is typically not a zero sum game, but for one day at least, it sure appeared that all the money that flooded into DoorDash came from this year’s highest flyers. A one day phenomenon? Most likely. Let’s see how the rest of the week plays out. Stay tuned.
Have a nice evening everyone.
