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Nasdaq Falls 1.8% Despite Largest IPO in 4 Years
A day that featured the biggest initial public offering in four years also saw the Nasdaq Composite close sharply lower.
The tech-heavy index slid 1.8%. The S&P 500 dropped 1.1%. The Dow Jones Industrial Average fell 230 points, or 0.5%. The S&P and Dow extended their respective losing streaks to four days.
Struggles for the Nasdaq were in stark contrast to Medline, which surged in its debut on the tech-heavy index under the MDLN ticker. It raised $6.26 billion in the initial public offering, which makes it the largest U.S. IPO since Rivian raised $13.5 billion in November 2021.
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