Uber Technologies shares lost -7.6% on the day of the ride-hailing company’s public market debut.
Compared to Uber’s $45 initial public offering price, the stock opened at a lower, $42 per share price Friday on New York Stock Exchange. It closed its first trading day at $41.57.
In August, Uber last raised private capital, from Toyota Motor at a valuation of about $76 billion - from which market valuation fell to $74 billion at 2.38 pm in New York on Friday when the share price dropped -2.7% to $43.85. Morgan Stanley, Goldman Sachs Group, and Bank of America led the listing of Uber shares.
Earlier in the day, U.S. stock markets declined on President Donald Trump’s comments that there’s “no rush" to reach a trade agreement with China. This came soon after he unleashed a tariff hike on $200 billion worth of imports from China. However, markets started recouping later – while Uber shares continued to lag.
Uber incurred an operating loss of -$1.8 billion in 2018.