It was set to be one of the year's most highly anticipated listings, but Robinhood Markets may have to do more to convince investors to scoop up its shares. The stock trading app, which has surged in popularity among retail investors, priced its IPO at $38 - at the low end of a marketed range - and will begin trading on the Nasdaq today under ticker symbol "HOOD." It also detailed plans to reserve up to 35% of shares for users of its app, which could purchase the stock at the IPO price through a new product called IPO Access.
Investors continue to size up comments from Jerome Powell after the Fed concluded its two-day meeting by keeping interest rates in a target range between zero and 0.25%. No move was made on asset purchases, and while the economy is "making progress" toward its goals, it has ways to go before the central bank will adjust its easy policies
The U.S. economy rose at a disappointing rate in the second quarter in a sign that the U.S. has escaped the shackles of the Covid-19 pandemic but still has more work to do, the Commerce Department reported this morning. Gross domestic product, a measure of all goods and services produced during the April-to-June period, accelerated 6.5% on an annualized basis. That was slightly better than the 6.3% gain in the first quarter, which was revised down narrowly.