Roblox Corp RBLX shares are trading lower by 10.8% to $34.93 during Friday's session amid overall market weakness following better-than-expected U.S. unemployment data.
This has raised concerns over a tight labor market and dimmed the outlook for a Fed policy pivot. The prospect of further Fed policy tightening has led to a rotation out of growth stocks amid a 'risk-off' sentiment.
What's Going On In The Broader Market?
The U.S. added 263,000 jobs last month, outpacing average economist estimates of 250,000 jobs, according to Benzinga Pro.
New data from the Bureau of Labor Statistics showed the U.S. unemployment rate at 3.5%, beating the 3.7% level economists had projected. The labor participation rate dropped 0.1% to 62.3%, compared to the 63.4% pre-pandemic rate in February 2020...Read More
See Also: Why Bitcoin- And Ethereum-Related Stock Argo Blockchain Is Getting Hammered Today
According to data from Benzinga Pro, Roblox has a 52-week high of $141.60 and a 52-week low of $21.65.
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