IPOs In Focus as Reddit Soars and Trump Media Debuts

Although broad market action is relatively quiet, today could be an active and important day for IPO related trading. IPOs can provide insight into investor risk appetite through their willingness to trade in companies with a limited public history.

Reddit has been doing extremely well since last week’s IPO and trading debut, rallying 30.0% yesterday and gaining another 14.0% in premarket trading this morning. Today we may get a better idea if enthusiasm for Reddit is company specific, or in IPOs in general Trump Media which is going public through a merger with a SPAC rather than a traditional IPO, is expected to make its trading debut today under the symbol DJT.  

US index futures are up 0.2%-0.5%, clawing back yesterday’s US major index losses of 0.2%-0.4%. Overseas, the FTSE and Nikkei are flat while the Dax is up 0.7% and the Hang Seng rose 0.9%. The US Dollar is backsliding a bit, enabling Gold to rally 1.0%. Bitcoin and major paper currencies like the Loonie and Euro are up 0.1% today. The US 10-year treasury note yield remains steady just below 4.25%. In commodity action, US Crude Oil is up 0.2%, Natural Gas is down 0.3% and copper is holding steady.

US durable goods orders (1.4% vs street 1.3% and previous -6.2%) beat expectations. US house prices are due at 9:00 am EDT, followed by consumer confidence at 10:00 am and API weekly US crude oil inventories at 4:30 pm.

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