Wall Street's main indexes slipped on Tuesday ahead of the Federal Reserve's policy meeting, with investors awaiting grocery delivery app Instacart's Nasdaq debut to assess a potential recovery in the IPO market.
secured a fully diluted valuation of $9.9 billion on Monday after its IPO was priced at $30 per share, the top of its indicated price range.
Chip designer Arm Holdings had a stellar market debut last week, raising hopes of a revival in the initial public offering market after a near 18-month dry spell. Arm and Instacart could drive others to go public, though it is still a difficult environment for IPOs with interest rates high and the economy slowing, said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield.
Arm fell 4.6% after announcing its IPO had closed and that underwriters had exercised the full over-allotment option of 7 million American Depositary Shares.A rise in U.S. Treasury yields weighed on some growth stocks, with Amazon
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