The selloff in high-flying assets has continued to extend to the broader market. While the major averages pared big early session losses yesterday, they still registered a third straight day of declines as cryptocurrency-linked shares plunged. In fact, the Nasdaq Composite Index is off by more than 5% over the last few weeks, on pace for its worst monthly performance since September 2020. In a move that did not help sentiment, the Federal Reserve's minutes from April hinted at the possibility of slowing bond purchases in upcoming FOMC meetings.
Oatly priced its highly-anticipated IPO at a top-of-range $17/share late Wednesday, valuing the firm at more than $10B. The plan calls for the stock to begin trading this morning on the Nasdaq under ticker symbol "OTLY" . The Swedish-based company produces a variety of vegan foods with oats, including milk, yogurts and spreadable cheeses, and its products are available in more than 20 countries. Revenue more than doubled last year to hit $421.4M, though its net losses widened to $60.4M as it spent heavily on product development, new factories and marketing. During 2020, oat milk sales in the U.S. also soared over 300% to $213M, becoming the second most consumed plant milk after almond milk.
The procession of Americans heading to the unemployment line fell last week, with jobless claims totaling a fresh pandemic-era low of 444,000, the Labor Department reported Thursday. Economist surveyed by Dow Jones had been expecting 452,000 new claims as the jobs picture improves thanks to an accelerated economic reopening across the country.