Group 1 - The ADP employment number in the US increased by 54,000 in August, which is below market expectations, leading traders to maintain their interest rate cut bets unchanged [1] - The US stock market opened with mixed results, with the Nasdaq up 0.15%, the S&P 500 up 0.11%, and the Dow Jones down 0.06% [1] Group 2 - Salesforce, a customer relationship management software giant, saw its stock drop over 7% as it expects a slowdown in revenue growth for Q3, which is below expectations [1] - Sanofi's stock fell by 8.6% despite its Amlitelimab treatment for atopic dermatitis meeting all primary and secondary endpoints in Phase III studies, as the results did not meet market expectations [1] - Figma, a UI design software developer, experienced a drop of over 19% after its first earnings report post-IPO fell short of expectations, with guidance only slightly exceeding forecasts [1] - American Eagle, a US apparel retailer, surged over 33% after reporting Q2 results that exceeded expectations and reissuing its full-year guidance [1]

Core Insights - Figma, a cloud-based design software company, successfully went public on the New York Stock Exchange with a valuation soaring to $19.5 billion, raising approximately $1.22 billion by issuing 36.9 million shares at $33 each [2][12] - On its first trading day, Figma's stock opened at $83, peaked at nearly $125, and closed at $115.5, marking a 250% increase and elevating its market capitalization to $67.6 billion [2][12] - The IPO was characterized by a unique auction format, allowing investors to specify the number of shares and price they were willing to pay, contrasting with traditional IPO methods [3][4] IPO Details - Figma's initial IPO pricing range was set between $25 and $28, later adjusted to $30-$32, and finally to $33 due to overwhelming demand, resulting in a nearly 40-fold oversubscription [2][4] - The auction-style IPO, reminiscent of the Dutch auction method, allows for a more accurate reflection of market value and reduces underpricing, benefiting both issuers and investors [4][5] Market Context - The successful IPO of Figma indicates a resurgence in the U.S. IPO market, with a reported 40% year-over-year increase in fundraising in the first half of 2025, particularly in the tech sector [6][13] - Figma's user base has expanded significantly, with over 13 million monthly active users, and 85% of its revenue coming from international markets, highlighting its global reach [8][9] Financial Performance - Figma's revenue for 2024 reached $749 million, reflecting a 48% year-over-year growth, with a substantial portion of its clientele being Fortune 500 companies [8][9] - The company has seen its valuation increase dramatically from $1 billion in 2018 to $10 billion in 2021, showcasing its rapid growth trajectory [9] Investor Dynamics - Major venture capital firms, including A16z and Sequoia, have heavily invested in Figma, contributing to its robust financial backing and market presence [9][12] - The IPO provided an exit opportunity for early investors, with significant returns anticipated, especially after a previous acquisition attempt by Adobe fell through [12][13]