), which last week completed the biggest initial public offering in nearly two years, saw its shares slip by 4.5% in New York, as traders fretted over broader economic uncertainty.The Federal Reserve is widely tipped to keep interest rates unchanged after policymakers wrap up their meeting on Wednesday, with Investing.com'sshowing that markets are all but certain that borrowing costs stay put at a range of 5.25% to 5.50%.
Data last week showed that a surge in petrol prices drove a spike in consumer price growth in August to its fastest rate in 14 months, although the annual"core" reading stripping out food and fuel was the slowest in two years. The numbers helped solidify expectations that the Fed will refrain from resuming a long-standing tightening campaign in September.
What the Fed has to say about the future development of price gains will likely factor into the reaction to this week's meeting.Instacart has priced its initial public offering at $30 a share, hitting the top-end of an upwardly revised target range, in the latest sign of a renaissance in the once-dormant market for new listings.
The online grocery delivery service's share sale gives it a valuation of $9.9 billion on a fully diluted basis, albeit at a fraction of the $39 billion value assigned to the company by bullish private investors in March 2021 during a pandemic-era boom in at-home food orders.