Roblox (NYSE:RBLX) stock is taking a beating on Thursday as it joins other major growth stocks that aren’t doing so hot today.
So what’s behind that fall? It all has to do with the U.S. Federal Reverse meeting yesterday. The Fed revealed a 50-basis-point increase in interest rates. That has RBLX, as well as other growth stocks, sliding lower today.
And the increase in interest rates isn’t likely to stop there. Fed Chair Jerome Powell also commented on more increases at the organization’s June and July meetings. These will likely be additional 50-point jumps for each meeting.
Of course, RBLX stock falling is something investors are getting too used to hearing about lately. The company’s shares have been losing ground over the last few weeks and several factors are behind that. Among them are fears over inflation, recession, the war in Ukraine, and also interest rates.
While the interest rate hikes are designed to fight off inflation, there are also concerns that a recession might not be too far off. Add in the fact that the war between Russia and Ukraine doesn’t look like it’ll end anytime soon, and there’s still plenty of worries for holders of RBLX stock.
As far as trading activity goes, RBLX stock isn’t seeing as much as normal today. It’s moved roughly 16 million shares as of this writing. For comparison, the gaming platform’s daily average trading volume is closer to 24.1 million shares.
RBLX stock is down 13.3% as of Thursday afternoon.
There’s more stock market news for traders to dive into below!
We’ve got all the hottest stock news that traders need to know about for Thursday! A few examples include Chinese stock delisting talk, issues for Etsy (NASDAQ:ETSY), as well as what’s happening with Occidental Petroleum (NYSE:OXY) shares. You can read up on these matters at the following links!
More Thursday Stock Market News
- HFCAA News: 128 Chinese Stocks the SEC Could Delist
- High Seller Fees Continue to Plague ETSY Stock. What to Know.
- Warren Buffett Bought More Occidental Petroleum (OXY) Stock. Here’s Why.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.