Investors are no longer falling over themselves to put money into US IPOs. This has reduced the chances that a company will be able to price its shares above expectations or enjoy a big share price "pop" on its first day of trading. New figures show that the IPO market has cooled since the red-hot first quarter, as shares in recently floated companies have drifted lower and some high-profile debuts have flopped.
A new breed of day traders is asserting its dominance again, sending shares in stocks like GameStop and AMC surging while cryptocurrency prices wilt. The prices of bitcoin and ethereum have plunged since early May, and as the air came out of that market it appeared to be pumped right back into shares with intense retail interest. A Goldman Sachs index of the stocks most often mentioned on the popular r/WallStreetBets Reddit page has gained 20% this week, according to the bank.
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