Friday, April 9, 2021

Nasdaq 100's rebound fails to carry over to IPOs, SPACs

Nasdaq’s biggest companies are close to completing an eight-week reversal that newly public U.S. companies can only wish for. The Nasdaq 100 Index’s close Thursday was just 0.4% away from a record set on Feb. 12. Initial public offerings have been left behind, as the Renaissance IPO Index trailed its Feb. 12 record by 15%. So have special purpose acquisition companies, as the Indxx SPAC & NextGen IPO Index was down 23% from a high on Feb. 16. SPACs were “the one area of excess to show no sign of recovery at quarter end,” Michael Shaoul, Marketfield Asset Management LLC’s chief executive officer, wrote Thursday in a report comparing the three indexes.

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