The IPO market is unusually quiet

No companies or SPACs went public on U.S. exchanges last week, which Renaissance Capital reports is the first such week in more than two years. There's also nothing on the calendar for this week.

The big picture: There's usually a burst of IPO activity between Memorial Day and July 4, and plenty of issuers have paperwork on file, but hopes for 2022 fireworks are fading fast.