Uber Value Slips Below $70 Billion After Slumping in Rocky Debut

Uber Technologies Inc. slumped more than 7% in its trading debut after the biggest initial public offering of the year, ending the day below its last private value.

Shares of the ride-hailing giant closed at $41.57, well under their IPO price of $45, for a market capitalization of $69.7 billion. Uber last raised money from Toyota Motor Corp. in August at a valuation of about $76 billion.

The stock extended losses into the close even as U.S. equities stabilized on renewed optimism that an all-out trade war can be averted, even after the U.S. decision to slap fresh tariffs on ...