Uber Drops Again as Stocks Plummet

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.