Shares of banks and other financial institutions fell after Robinhood's earnings and another cryptocurrency selloff.
Online brokerage Robinhood shares fell sharply after years of riding crazes for meme stocks, bitcoin and other high-risk securities. The online brokerage reported fourth-quarter revenue short of Wall Street expectations, and was reticent about its strategy on emerging predictions markets.
Bitcoin slipped to around $65,000 at one stage, retracing about half of its recent rebound from multiyear lows. Bitcoin prices surged during the Federal Reserve's rate-cutting era, and the latest bout of weakness could be a response to stronger-than-anticipated jobs data.
"The broad-based strength in the January jobs report vindicates our view that the Fed won't cut under Powell," said economists at brokerage Bank of America Global Research, in a note to clients with the subtitle "a feast for the hawks."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
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