Good Monday. (Want this by email? Sign up here.)

All eyes on Uber’s Day 2

Today is a big test for Uber: Can it overcome tumbling 7.6 percent from its I.P.O. price on Friday to do better during its second day on the public stock markets?

Uber suffered the worst first-day dollar loss of any U.S. I.P.O. ever. That’s a terrible start for the biggest market debut in years. What was supposed to be a celebration turned into an exercise in expectations management: “I think we came public on a tough day, and a tough week,” Dara Khosrowshahi, the company’s C.E.O., told Mike Isaac of the NYT.

And that’s a bad omen. “If a stock falls below its I.P.O. price on the first day or even in the weeks that follow, the offering is considered a flop — a red flag that investors have concerns about a company’s outlook,” Stephen Grocer of DealBook writes. “It can also put a chill on the I.P.O. market, making investors wary of buying into other big deals to come.”

Potential culprits for the mess include:

• Stock market investors who were jittery about the U.S.-China trade war (though by late Friday afternoon, Uber shares were still down even as the S&P 500 rose)