Snowflake, JFrog Have Sophomore Slump as Stock Markets Slide
The stock market has seen increased volatility lately as the long summer rally appears to be giving way to a more turbulent environment. Today, investors were on the defensive, reacting to comments from Fed Chair Jerome Powell about the likely future path of interest rates and the U.S. economy. Just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 48 points to 27,985. The S&P 500 (SNPINDEX: ^GSPC) lost 20 points to 3,365, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) sank 106 points to 10,945.
IPOs have gotten a lot of attention, and two in particular came flying out of the gate yesterday. Both Snowflake (NYSE: SNOW) and JFrog (NASDAQ: FROG) enjoyed big gains on their first days of trading, but on Thursday, their shares are sliding back downward. Investors will have to figure out whether the high-growth tech companies are worth the elevated prices that they'll have to pay for shares.
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Source Fool.com
