Stocks down in NY – strong job data

Stocks closed slightly down on Friday trading in New York. The main reason for the decrease was the strong US data related to jobs and thus sifting the possible Federal Reserve rate cut, which was expected to be in the Fed´s July meeting.

Dow Jones index closed down 0,16 % to 26922 points, S&P 500 index closed down 0,18 % to 2990 points and technology-heavy Nasdaq-index 0,10 % to 8161 points.

The Friday losers included for example the health care, industrials and real estate sectors. The gaining side included financials. From the new listings sector, the ride-hailing companies Uber and Lyft were down, -1,58 % and -2,00 % respectively. Slack, the it-company, closed down 1,33 % to 35,52 dollars and Pinterest also down 0,80 % to 27,25 dollars.

The euro was down 0,51 % to 1,1225 dollars due to the weak German economic data.

Business Finance

Pinterest rose over 28% in New York IPO – target 250 million users

The US social commerce company Pinterest (PINS) listed today in the New York Stock Exchange. The stock rose over 28 % above its IPO price, valuing the company to nearly 13 billion dollars.

The IPOs of Pinterest and the video service company Zoom Video Communications (ZM) showed increased investor confidence after the disapointments related to the stock performance of the ride-hailing company Lyft (LYFT)  IPO  in the early April. According to Bloomberg, Lyft is trading down 19 % from its IPO price

This trend gives more momentum also to the second ride-hailing company Uber to list in May. Uber is expected to raise about 10 billion dollars, which would value the company at 100 billion dollars. Also Airbnb is in the pipeline.

Pinterest is serving its users like a digital platform for inspiring visual arts for fashion, weddings, recipes and more. This San Fransicso-based company is targeting more than 250 million monthly active users.

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