Peloton's drop reflects out-of-shape market for U.S. IPOs

Peloton Interactive Inc.’s 11% loss Thursday, when the exercise-bike maker started trading, fit into a pattern of weakness for U.S. initial public offerings. The Renaissance IPO Index of companies that have gone public in the last two years fell 14% through Thursday from a record set July 26. Along the way, the indicator’s ratio to the S&P 500 Index dropped below its level in June 2009, when the IPO gauge was first calculated. Investors are “likely to be much more selective” as companies go public, Michael Shaoul, Marketfield Asset Management LLC’s chief executive officer, wrote Thursday in a report.