Dow Jones Industrial Average rose and closed near its day’s highs’, S&P 500 continued to rise, while the Nasdaq composite led the fall. DiDi’s stock finished at $14.14 per share, with a market capitalization of $67.8 billion.
Market analysis
The Nasdaq had a 0.2% loss at the end of the trading session. The S&P 500 index was up 0.1%. The Dow Jones industrials, on the other hand, gained 0.6%. The Russell 2000 index of small-cap stocks fell 0.2%. According to early data, volume on the NYSE and Nasdaq was greater than it was at the closing on Tuesday.
The release of a stronger-than-expected data on ADP’s June private payrolls buoyed equities early Wednesday. This was the sixth consecutive month of job growth, with 692,000 new positions added, far beyond the 600,000 projected.
Read This: GRA boss reveals reason for going cashless
Consumer confidence has also increased this week, indicating that the economy is still recovering. Despite the fact that both the S&P 500 and the Nasdaq reached record highs on Tuesday, the major indexes have only moved marginally higher this week.
On Wednesday, the market diverged, but in the opposite direction as earlier this week. The Dow Jones pushed upward to lead the market higher, as tech stocks turned lower.
What happened with DiDi IPO
DiDi stock began trading at $16.65 per share, up 19% from the company’s initial public offering price of $14 per share, increasing the company’s market valuation to roughly $80 billion. However, with a market capitalization of $67.8 billion, it closed at $14.14 per share.
DiDi debut is one of the largest IPOs in the United States in the last decade. DiDi’s closing in the green bucks continues the trend of ride-hailing juggernauts closing below their initial trade price. In their 2019 debuts, Uber and Lyft – the DiDi’s American rivals – both closed below the original trade. Lyft started at $87.24 and ended the day at $78.29, while Uber started at $42 and ended the day at $41.57.
The IPO is also a financial gain for Uber, which owns 12.8% of DiDi’s stock after acquiring Uber’s China operations. SoftBank’s Vision Fund owns 21.5% of the company. In 2016, Apple also made a $1 billion investment in DiDi.
