Why Roblox Stock Is Trading Down Today

Roblox Corporation RBLX shares are trading lower Thursday. Worries over further Fed rate hikes have fueled a decline in shares of companies in the wider tech sector. The news could have reaching negative influence on growth stocks.

What To Know: The overall market experienced a downturn Thursday due to increased likelihood of the Federal Reserve raising interest rates further during the remainder of this year. The resilient jobs market, despite the Fed's aggressive rate hike cycle, is the root cause.

According to the ADP National Employment Report, U.S. private employers outpaced expectations by adding 497,000 jobs in June, rising above the estimated 220,000.

As a result, the odds of a 0.25% interest rate hike in July soared over 90%, according to the CME FedWatch tool. The non-farm payrolls report is scheduled for release on Friday morning, drawing everyone's attention next.

Related Link: Why NIO Stock Is Trading Down Today

RBLX Price Action: Shares of Roblox were down 4.43% at $39.87 at the time of publication, according to Benzinga Pro.

Image by StockSnap from Pixabay

RBLXRoblox Corp

$70.77-%