天量IPO还会对大盘有影响吗？IPOs in general have been trailing the broader market, with the IPO Index holding newly-public companies rising just 7% this year versus an 18% increase in the S&P 500 and 13% for the Russell 2000. Traditionally, they trade together. If investors are optimistic about stocks broadly, newly public companies will catch the same bid.
But in this pandemic-era, the 40-day correlation between the stock classes has been fading, and at the start of the year it even turned negative. Should that happen again, which seems like a decent bet, it would suggest investors may be viewing new issues and the broader stock market as an either-or proposition. Lately, investors have favored the S&P 500 over new IPOs. But should the dynamic reverse, benchmark gains could be under threat. Supply is likely to play a big role. The fall window for stock offerings traditionally comes in September, and this month is already off to its busiest start globally since 2012, with ~$40b of deals priced last week.
But in this pandemic-era, the 40-day correlation between the stock classes has been fading, and at the start of the year it even turned negative. Should that happen again, which seems like a decent bet, it would suggest investors may be viewing new issues and the broader stock market as an either-or proposition. Lately, investors have favored the S&P 500 over new IPOs. But should the dynamic reverse, benchmark gains could be under threat. Supply is likely to play a big role. The fall window for stock offerings traditionally comes in September, and this month is already off to its busiest start globally since 2012, with ~$40b of deals priced last week.