Doordash, C3.ai are seen following U.S. IPO, SPAC excess

Surges in Doordash Inc. and C3.ai Inc. on the first day of trading were in keeping with rising speculation for U.S. stock investors, according to Jonthan Krinsky, chief market technician at Bay Crest Partners LLC. Krinsky cited the Renaissance IPO and IPOX SPAC indexes in a report Wednesday. Renaissance Capital LLC’s gauge of initial public offerings rose 32% from a late-October low through Tuesday. In a similar period, IPOX Schuster LLC’s index of current and former blank-check companies climbed 40%. The IPO index fell 3.2% Wednesday even as Doordash gained 86% and C3.ai jumped 120%. The SPAC index rose 0.3%.