Economic Uncertainties Batter Trading in These 10 Firms

5. Robinhood Markets Inc. (NASDAQ:HOOD)

Robinhood Markets dropped for a second day on Wednesday, losing 7.76 percent to close at $40.66 apiece as investor sentiment was weighed down by Federal Reserve Chairman Jerome Powell’s statement that he expects softer growth for the first quarter of the year.

Powell’s comments were particularly relevant for HOOD, which heavily relies on the huge trading activity to boost revenues. With projected soft first-quarter growth, investors expect that the growth would dampen market trading activities.

In recent news, HOOD said it officially made a foray into the betting market platform by integrating the predictions market hub into its application, which will allow investors to trade on the outcomes of some of the world’s biggest events.

At launch, the hub will allow customers to trade contracts for what the upper bound of the target fed funds rate will be in May, as well as the upcoming men’s and women’s College Basketball Tournaments.

The prediction markets hub and corresponding contracts will initially be available across the US through KalshiEX LLC, a CFTC-regulated exchange.