A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.

Dealmaking booms when markets are stable and businesses are feeling good about the economy and access to financing. When conditions deteriorate, confidence flags, and the number of companies going public or pursuing takeovers drops. That’s what is happening now.

Details, details: The number of global initial public offerings, or IPOs, has dropped by 54% so far this year compared to 2021, according to data from Dealogic provided to Before the Bell.