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February 16 is in the books. This is the New York minute. Wall Street broke its longest winning streak, since 2013, seven straight sessions of gains with a modest decline in the S&P 500. Other US benchmarks that had been setting fresh highs also faltered, as the risk on Trump-flation rally paused.
In keeping with the mood, haven assets drew buyers. Utility stocks, which investors buy for steady income and perceived safety, were the best performing sector. And the yield on the 10 year treasury slid. Investors also got pricing information about the highly anticipated IPO of snap, the messaging app that is expected to be among the largest tech IPOs in recent years.
The group intends to raise as much as $3.2 billion offering shares at a range of $14 to $16 for a market cap of up to $18.5 billion. That's less than had been expected. But the deal remains widely awaited, given a dearth of tech listings over the past few years, as companies have opted to raise money privately, instead. Snap is likely to be a barometer of investor appetite for so-called tech unicorns that have achieved valuations of one billion or more without tapping the public markets. Pricing is March 1. And that's the New York minute.
