Shares in Uber Technologies continued to go south after its Initial Public Offering on Friday on the New York Stock Exchange.
Uber shares plummeted 10.3% Monday along with most of the stock market as a trade war with China brews. Both the U.S. and China are threatening to place tariffs on each company’s products. Shares closed at $37.26, down $4.31 Monday.
On Friday, Uber celebrated its long awaited IPO at the NYSE and went public at $45 per share. But that’s all the company celebrated as the stock price opened at $42 and closed its first day at $41.57. Uber shares are down 18% from their IPO price.
Other major tech stocks were also hit Monday as the Nasdaq market declined 3.41%. Shares in Apple were down 5.8%. Alphabet, parent of Google, was down 2.77% and NVidia was off 6.1%.
Electric car maker Tesla hit a 52-week low and was down more than 5% to close at $227.01.