Stock Market Today, April 29: Robinhood Markets Drops After Earnings Miss

Today’s Change

(-13.33%) $-10.94

Current Price

$71.13

Robinhood Markets (HOOD 13.33%), the stock and crypto brokerage that pioneered commission-free trading, closed down 13.24% on Wednesday at $71.20. Shares fell after its Q1 2026 results missed revenue and EPS estimates.

Trading volume reached 76.7 million shares, coming in about 132% above its three-month average of 33.0 million shares. Robinhood IPO’d in 2021 and has grown 87% since going public.

How the markets moved today

The S&P 500  finished Wednesday essentially flat at 7,136, down 0.04%, while the Nasdaq Composite inched up 0.04% to close at 24,673. Among capital markets peers, Charles Schwab closed up 0.36% at $91.16, and Interactive Brokers Group fell 0.57% to close at $77.05.

What this means for investors

Robinhood tumbled today on disappointing results. Its Q1 trading revenue increased 7% year over year to $623 million, but growth was slower than Wall Street expected.

Robinhood’s crypto trading revenue fell 47% from the same period last year, which is not surprising given the recent slump in cryptocurrency prices. The firm has invested heavily in crypto trading, and the broader question for investors is whether its new products and diversification can balance the ebbs and flows of the digital asset world.

The company told investors it was focusing on real-world asset tokenization, which is a way to record ownership on the blockchain. It is early days for this sector, and investors will be able to learn more about Robinhood’s plan to take an early lead at a crypto event in July.

Charles Schwab is an advertising partner of Motley Fool Money. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Interactive Brokers Group. The Motley Fool recommends Charles Schwab and recommends the following options: long January 2027 $43.75 calls on Interactive Brokers Group, short January 2027 $46.25 calls on Interactive Brokers Group, and short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.

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