Robinhood Surges on Prediction Markets Expansion, Workday Slumps on Weak Outlook
Robinhood Markets led the S&P 500's gains with an 11% rally after announcing a joint venture to acquire a stake in LedgerX, a crypto derivatives clearinghouse. The move signals the trading platform's aggressive push into prediction markets, where users bet on future events.
Workday shares tumbled following a disappointing subscription revenue forecast, dragging on the tech sector. The broader market extended its November rally amid growing expectations for a December rate cut, with the S&P 500 and Nasdaq both climbing nearly 1%.
The LedgerX deal, executed with Susquehanna International Group, positions Robinhood to capitalize on the surging demand for crypto derivatives and event-based trading. This strategic play comes as prediction markets gain traction among retail investors seeking alternative speculative instruments.
