Dec 8, 2018

Workplace app Slack hires Goldman Sachs to lead 2019 IPO

Photo: Wolfram Kastl/picture alliance via Getty Images.

Workplace messaging application Slack has taped Goldman Sachs to spearhead its IPO next year, Reuters reports.

The big picture: Slack has been a part of a slew of Silicon Valley companies, including Uber, Airbnb and Lyft, that are planning to debut in the stock market in 2019. Reuters reports that Slack anticipates a valuation over $10 billion in its IPO.

Go deeper: Workplace messaging app Slack on track for going public

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Wall Street notches worst week for stocks since 2008

Traders work on the floor of the New York Stock Exchange. Photo: Scott Heins/Getty Images

Stocks closed down about 1% on Friday, ending the worst week for Wall Street since the financial crisis.

Why it matters: The stretch of declines came after a spike in coronavirus cases around the world earlier this week. The steep losses prompted questions about the fate of the record-long economic expansion, as well as a rare statement from the Federal Reserve.

Go deeper: The growing coronavirus recession threat

Federal Reserve: Coronavirus poses "evolving risk" to the economy

Federal Reserve chairman Jerome Powell. Photo: Sarah Silbiger/Getty Images

Federal Reserve chairman Jerome Powell took the rare move Friday of issuing a statement meant to reassure investors, one that opened the door to a possible interest rate cut.

Why it matters: The Fed rarely issues statements like this outside of policy meetings and scheduled public appearances. It came as the stock market continues its steep decline this week. Stocks briefly pared some losses after the 2:30 p.m. EST statement came out.