Good Friday morning. (Was this email forwarded to you? Sign up here.)

The start-up I.P.O. market has gone ice-cold

It isn’t just Uber and WeWork that have struggled to get into the public markets. Wall Street has become much more skeptical of I.P.O.s by loss-making companies, the NYT reports, and the consequences could ripple through Silicon Valley and beyond.

Consider the most recent spate of bad news:

• Peloton, the maker of home fitness bikes, saw its shares tumble 11 percent below their I.P.O. yesterday, one of the worst debuts of the year.

• Endeavor, the entertainment conglomerate run by Ari Emanuel and Patrick Whitesell, pulled its I.P.O. yesterday, after previously cutting the price range.

“The rejection threatens Silicon Valley’s favored approach to building companies,” the NYT writes. Buzzy businesses had relied on huge sums from venture capitalists to grow quickly. But if public market investors are increasingly disdainful of such companies, start-ups may find it harder to get funding in the first place.