StubHub, Klarna, and Pattern Show Cracks in IPO MarketStock Market News From Sept. 19, 2025: Stocks Climb to New HighsLast Updated:3 hours agoThe initial public offering market has had a sizzling summer, with stellar debuts from crypto and tech firms such as Circle Internet Group, Figma, Bullish, and Figure. But there may be some cracks in the IPO bull run, particularly for consumer companies.Ticket reseller StubHub fell in its market debut Wednesday and continued to slide Thursday and Friday. It’s now trading nearly 20% below its IPO price. Another company with ties to consumer spending, e-commerce accelerator Pattern Group, had a tepid debut on Friday, as well. The stock priced at the midpoint of its range and was flat in late afternoon trading. The stock even briefly dipped below its IPO price of $14.The poor showing for StubHub and less-than-stellar debut for Pattern could be a sign that investors are growing nervous about the health of the U.S. consumer. To that end, buy-now and pay-later lender Klarna has pulled back sharply from its IPO price, too.