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Robinhood Markets Inc (NASDAQ:HOOD) has purportedly ceased 24-hour trading, raising concerns among investors. This action is said to align with the increasing tensions between Iran and Israel.
What Happened: On Friday, finance influencer Amit took to X to address the 24-hour trading halt by Robinhood, saying, “Robinhood is saying 24-hour trading is currently unavailable. I think this is actually pretty normal and to be expected during what seems like a black swan event and everyone freaking out about this doesn’t understand the 24-hour trading product.”
He further explained that the halt is due to the intensity of selling, which is a normal market occurrence. He noted that this is a Robinhood-specific product and that other brokers do not offer this service.
Amit concluded the post by saying, “What this signals to me is that tomorrow is not going to be pretty for the broader market if Robinhood has to halt trading in the overnight markets. I do agree, however, optics don’t look the best on this.”
Amid the escalating tensions between Iran and Israel, the halt in trading has raised concerns about the broader market’s performance. This comes on the heels of Israel’s retaliatory strikes on Iran, Syria, and Iraq, which resulted in a dip in stock market futures and a surge in oil and gold prices.
Another user named Kelly shared frustration on X over the inability to buy into the black swan dip due to the suspension of after-hours trading on Robinhood, prompted by the Israel/Iran news. Speculation now surrounds the opening price for Robinhood stock tomorrow.
Meanwhile, a user known as Wolf of My Street on X platform pointed out that Robinhood has the authority to suspend 24-hour market trading at any given time, referencing Robinhood’s extended hours trading disclosure.
Robinhood did not immediately respond to Benzinga's request for comment.
See Also: The Court Case That Could Change The Cannabis Industry Forever And How It Affects Rescheduling
Why It Matters: The decision to suspend 24-hour trading comes amid escalating tensions between Israel and Iran. Israel recently launched a series of retaliatory strikes following an Iranian missile attack. This has led to a dip in stock market futures and a surge in oil and gold prices.
Meanwhile, Iran has assured that its nuclear facilities are safe following the Israeli strike, which was confirmed by a U.S. official. These developments have created a climate of uncertainty in the global market, prompting reactions from major players like Robinhood.
The recent events in the Middle East have been a cause for concern among investors, with fears of a potential recession looming.
Price Action: According to data from Benzinga Pro, Robinhood stock is currently trading at $17.08, reflecting a decrease of 0.29% in after-hours trading on Thursday.
Image Via Shutterstock
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