Investors were hoping that stocks would regain their footing on Friday morning, but major market benchmarks still trended slightly lower in choppy trading. As of 10:15 a.m. ET, the Nasdaq Composite Index (NASDAQINDEX: ^IXIC) was close to the break-even point, down just 6 points to 13,347.
Earnings season has gotten off to a tumultuous start, and the most recent slate of quarterly reports was no exception. Robinhood Markets (NASDAQ: HOOD) has seen a massive drop in its stock price lately, and its slide continued after it delivered a financial report that confirmed many of the challenges it has had to face. What was more surprising, though, was a downward move from Western Digital (NASDAQ: WDC) despite some big tailwinds supporting the data storage industry.
Shares of Robinhood Markets were down another 5%. That was actually much better than where it started the day, with an opening decline of 14% taking the share price briefly below the $10 mark.
For further details see:
Robinhood's Down, but This Nasdaq Stock's Fall Is More Surprising