Market Wrap: IPO Woes as Peloton Stock Hits New Low

Author:
Publish date:
Video Duration:
0

The major U.S. averages took a big dip Tuesday as U.S. and E.U. September manufacturing data weighed on weary investors. 

The data suggest the trade war could be responsible for the contraction in U.S. manufacturing, which is in its second consecutive month. 

The U.S. PMI came in at 47.8%, anything below 50% is a contraction, and the U.S. has been stuck in a contraction for two consecutive months. Meanwhile, in Europe, the PMI figure was 45.7%, down from 47% in August. 

While all three major indices fell at least 1%, there were some bright spots on the Dow, including Apple (AAPL) - Get Report , Johnson & Johnson (JNJ) - Get Report , Coca Cola (KO) - Get Report and Visa (V) - Get Report

Meanwhile, shares of Peloton (PTON) - Get Report dropped more than 9%, further cementing the anti-IPO narrative that has taken hold of investors in 2019. The stock debuted below its suggested opening price of $29 and has consistently dropped since then. 

Apple and Johnson & Johnson are key holdings in Jim Cramer's Action Alerts PLUS charitable trust

Bull Market Fantasy: LIVE TUESDAY & THURSDAY @10:45AM

Subscribe to our Youtube Channel for more videos : Listen our latest Podcasts on Soundcloud

Catch Up: Today's Top News Videos Below