Robinhood Markets Inc HOOD shares are trading higher by 3.23% to $9.91 Wednesday afternoon. The upward movement is occurring without any notable company-specific news and coincides with the stock gaining traction on various social media platforms.
The stock is also rising after the Producer Price Index (PPI) for final demand slumped 0.3% month-on-month in May, down from the previous 0.2% monthly increase and below the expected 0.1% fall.
The PPI print follows the May consumer price index (CPI) reading, which came in lower than expected, supporting market belief that the Fed is nearing the end of its interest rate hike cycle.
Lower inflationary pressures indicated by a softer PPI report can result in a more favorable economic environment. This can translate to increased consumer purchasing power and potentially attract more individuals to engage in financial activities, such as investing and trading.
Robinhood may benefit from this increased interest in the financial markets, leading to a larger customer base and improved client retention.
See Also: Deflation Pushes Producer Prices To 28-Month Lows Ahead Of Fed's Interest Rate Decision
According to data from Benzinga Pro, HOOD has a 52-week high of $12.76 and a 52-week low of $6.81.
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