Robinhood stock soars on trading hours extension
Robinhood is foreshadowing a 24/7 trading world
Federated Hermes CIO for global liquidity markets Debbie Cunningham, University of Akron endowment fund chairman Dennis Gartman, and Payne Capital Management president Ryan Payne discuss Fed policy on 'Mornings with Maria.'
Robinhood shares soared after announcing plans to extend trading hours for customers an extra six and a half hours of trading daily.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HOOD | ROBINHOOD MARKETS INC. | 17.88 | +0.76 | +4.44% |
The stock rose over 24%, the largest increase since Aug. 4, 2021, when it gained over 50% as tracked by Dow Jones Market Data Group.
The new time band includes 2.5 hours before or 7 a.m. ET ahead of the 9:30 am ET traditional opening bell, while after-hours trading continues for four additional hours to 8 p.m. ET following the 4 p.m. ET traditional close.
The change was prompted by feedback from customers, some of whom said they are preoccupied during traditional market hours.
"In fact, we’ve seen a community of Robinhood early birds and night owls who log in exclusively outside of regular market hours. They’re juggling a lot, from full-time jobs to school, families and side gigs. Our new extended trading hours for equities will give them more opportunities to manage their portfolio at a convenient time for them, whether that’s in the early morning or in the evening," the company wrote on its blog.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SCHW | THE CHARLES SCHWAB CORP. | 74.99 | +0.10 | +0.13% |
| IBKR | INTERACTIVE BROKERS GROUP INC. | 116.15 | -1.19 | -1.01% |
Interactive Brokers already offers select clients extended trading hours. Pro account customers can begin at 4:00 AM ET through the market open and restart at 4 PM ET until 8:00 PM ET. For Lite accounts, trading begins at 7:00 AM ET and lasts until market open and restarts at market close until 8:00 PM ET.
Longer hours allow investors to trade after the bell earnings news and foreign markets, among other events.
Robinhood, which boasts 17.3 million active monthly users, went public in July 2021.