Markets were in a downbeat mood ahead of today’s Federal Reserve policy decision. Even excitement over Instacart’s debut on the Nasdaq was somewhat muted.
, which fell 4.88% yesterday, is now 13% below its closing price on its first day of trading, when it surged 25%. The specter of high interest rates is still haunting the IPO market, especially for tech companies, whether startups or older companies with an established revenue stream.
As Dylan Kremer, co-chief investment officer at wealth management firm Certuity, said,"What investors are looking for … is where are longer term expectations: Where is that terminal rate."
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