TikTok, WeChat Banned; Unity IPO

Stocks finished out the week on a lower note Friday, capping off another underwhelming week for equities. The S&P 500 has now fallen in three consecutive weeks.

Leading the pack of laggards were tech stocks yet again, which had been central to the stock market rally off of March lows.

The Nasdaq shed 1.1%, while the Dow Jones Industrial Average lost 244 points, or almost 0.9%, to finish at 27,657.

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TikTok, WeChat bans set to take effect. Following through on executive orders signed by President Donald Trump, the bans are being instituted on the grounds of national security, as the U.S. worries the two pervasive Chinese-owned apps are being used to surveil American citizens.

The TikTok acquisition saga continues, with Oracle (ticker: ORCL) and Walmart ( WMT) still attempting to team up in a bid for majority control of TikTok’s U.S. operations.

Unity IPO. Unity Software (U), the latest tech IPO to hit markets, went public on Friday in a successful offering that followed an oversubscribed public market debut for enterprise cloud company Snowflake ( SNOW).

Unity priced its IPO at $52 per share, well above the $34 to $42 range the company outlined last week. Shares finished the trading day Friday at $68.35, up over 31% on the day. Unity, which offers a popular platform for mobile game development, raised $1.3 billion at a $13.6 billion valuation.

Bipartisan bill? House Democrats are expecting to roll out a continuing resolution to avoid a government shutdown in October. House leaders want to put the legislation up for a vote in the coming days; their bill, as it stands now, would fund the government through mid-December.

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TikTok, WeChat Banned; Unity IPO originally appeared on usnews.com

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