Stock Market Today, May 29: Robinhood Surges Despite Bitcoin's Struggles
Robinhood Markets (NASDAQ:HOOD), a commission-free trading platform for stocks and crypto, closed Friday at $94.30, up 11.15%. The stock moved higher as investors reacted a slew of good news, including a regulatory green light for U.S. perpetual futures trading.
Trading volume reached 63.6 million shares, coming in about 122% above its three-month average of 28.6 million shares. Robinhood Markets IPO'd in 2021 and has grown 148% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) added 0.22% to finish Friday at 7,580, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.20% to close at 26,973. Within financial stocks, industry peers Charles Schwab (NYSE:SCHW) closed up 2.34% at $87.35 and Interactive Brokers Group (NASDAQ:IBKR) finished up 4.64% at $86.97, reflecting broader strength across brokerage platforms.
What this means for investors
Robinhood’s performance often mirrors that of lead cryptocurrency Bitcoin, but the pioneering brokerage broke that trend this week: It has gained 24% in the past five days while Bitcoin’s price has fallen by almost 5%.
Today’s increase comes as Mizuho lifted its price target for Robinhood from $110 to $115. Yesterday, Citizens also reiterated its “market outperform” rating and $155 price target. One reason for positive analyst sentiment was news that Robinhood users will be able to connect AI agents to their accounts to make trades or credit card purchases.
Another boost came from the Commodity Futures Trading Commission (CFTC) as it announced it would allow U.S. firms to offer perpetual futures trading. Perpetual futures are a type of derivative contract that has become popular in the crypto world.
For investors, Robinhood is still a volatile investment. However, it is making big strides in growing its user base and reducing its reliance on crypto trading, both of which could help it outperform in the years to come.
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Charles Schwab is an advertising partner of Motley Fool Money. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Interactive Brokers Group. The Motley Fool recommends Charles Schwab and recommends the following options: long January 2027 $43.75 calls on Interactive Brokers Group, short January 2027 $46.25 calls on Interactive Brokers Group, and short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
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