This month's three big IPOs gave up their early gains this week, denting market confidence

Three highly anticipated initial public offerings that came to market this past week raised investor hopes that a nearly two-year-long drought in IPOs might finally be coming to an end. But the underperformance of all three stocks — which by Thursday were all trading within a couple of percent on either side of their offering prices — could be a sign that market sentiment isn't ready to embrace a lot more risk just yet.

mountain 2023-09-19 Instacart shares since market debut "You're in an environment where a lot of investors are looking for more stability," Lerner said. "When you have risk-on, people are willing to take to go ahead on these companies that have higher risk-return profiles, but in the short term, the market just has a bit of a lack of confidence based on all the crosscurrents.

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