By Hannah Erin Lang
It's been a bad day for financial-sector stocks. Robinhood Markets was among those leading the downslide.
The brokerage's shares tumbled nearly 20% Monday, as recession fears and other market jitters dragged on bank and brokerage stocks. Charles Schwab stock fell roughly 4.5%, and shares of Interactive Brokers dropped 13%.
But the decline is a sharp reversal of fortune for Robinhood, whose shares surged after the election and climbed 27% in the first two months of 2025.
On Friday, the Financial Industry Regulatory Authority said Robinhood would pay roughly $30 million to settle an investigation into a range of violations, some of which dated back more than a decade.
Also dragging on brokerage stocks are crypto concerns. Bitcoin was trading below $80,000 Monday, after the Trump administrations' plans for a U.S. crypto reserve disappointed some investors. At a White House Crypto Summit on Friday, officials stopped short of announcing plans for the government to purchase bitcoin or other cryptocurrencies.
In the fourth quarter, more than half of the revenue Robinhood earned on customer trades came from crypto transactions.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
March 10, 2025 17:17 ET (21:17 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。