Why Roblox Stock Is Trading Down Today
Portfolio Pulse from Ryan Gustafson
Roblox Corporation (NYSE:RBLX) shares are trading lower due to concerns over further Federal Reserve rate hikes, which have negatively impacted the wider tech sector. The overall market downturn is due to the increased likelihood of the Federal Reserve raising interest rates further this year. The ADP National Employment Report showed that U.S. private employers added 497,000 jobs in June, exceeding the estimated 220,000, leading to a 90% chance of a 0.25% interest rate hike in July.
July 06, 2023 | 7:11 pm
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Roblox Corporation shares are trading lower due to concerns over further Federal Reserve rate hikes. The overall market downturn is due to the increased likelihood of the Federal Reserve raising interest rates further this year.
The news of potential further Federal Reserve rate hikes has caused a downturn in the overall market, particularly impacting tech stocks like Roblox Corporation. The ADP National Employment Report, which showed a significant increase in jobs added by U.S. private employers, has increased the likelihood of further rate hikes, negatively impacting the stock price of Roblox.
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