Spotify sinks the day after going public

• Spotify opened at $140, lower than Tuesday's close but still higher than its reference price of $132 set Monday.
• Spotify closed 3 percent lower, at $144.22 a share.

Shares of Spotify dropped on Wednesday, a day after debuting on public markets.

The stock opened at $140 — higher than its reference price of $132 set Monday — but lower than Tuesday's $149.01 close, amid declines in the broader market.

But even as markets recovered, Spotify closed 3 percent lower, at $144.22 a share. The stock price fell as low as $135.51 a share at one point in the day.

Spotify's unusual public debut was seen as an initial success for the music streaming service, but could pose a challenge to Wall Street if the stock performs well.

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