markets

Matt Phillips3/10/25

Why Robinhood is on pace for its worst day this year

Robinhood shares dove Monday after a trifecta of downbeat headlines put the crypto-, options-, and stock-trading brokerage on pace for its worst daily performance of 2025. (Sherwood Media is an independently operated subsidiary of Robinhood Markets Inc.)

First, Robinhood’s stumble reflected a downdraft in prices for crypto, which continued to sell off despite last week’s news on the establishment of a US bitcoin reserve. Crypto trading was a key driver of Robinhood’s recent strong earnings results.

Second, Robinhood’s Monday slump may also be expressing some investor disappointment that the company was not among the additions to the S&P 500 announced Monday. The company was considered by some analysts to be a candidate for inclusion.

Finally, late Friday, brokerage regulator FINRA announced that Robinhood would pay nearly $30 million in fines to settle investigations into “numerous” alleged compliance failures, including anti-money-laundering protocols and other reporting obligations.

Robinhood consented to FINRA’s findings without admitting or denying them. The company’s associated general counsel told Barron’s: “We are pleased to resolve these historical matters, many of which date as far back as 2014, and which Robinhood Securities and Robinhood Financial have since remediated.”

Robinhood Shares Slide After $30 Million Finra Settlement

Robinhood Shares Slide After $30 Million Finra Settlement

First, Robinhood’s stumble reflected a downdraft in prices for crypto, which continued to sell off despite last week’s news on the establishment of a US bitcoin reserve. Crypto trading was a key driver of Robinhood’s recent strong earnings results.

Second, Robinhood’s Monday slump may also be expressing some investor disappointment that the company was not among the additions to the S&P 500 announced Monday. The company was considered by some analysts to be a candidate for inclusion.

Finally, late Friday, brokerage regulator FINRA announced that Robinhood would pay nearly $30 million in fines to settle investigations into “numerous” alleged compliance failures, including anti-money-laundering protocols and other reporting obligations.

Robinhood consented to FINRA’s findings without admitting or denying them. The company’s associated general counsel told Barron’s: “We are pleased to resolve these historical matters, many of which date as far back as 2014, and which Robinhood Securities and Robinhood Financial have since remediated.”

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Analysts at consulting firm Pantheon Macroeconomics estimate that the stock market’s enthusiasm for all things AI has added some $8.5 trillion to aggregate US household wealth since late 2022. They wrote:

“The S&P 500 returned about 70% between the start of ChatGPT mania around the end of 2022 to the end of Q2 2025, with roughly half of those returns generated by the ‘magnificent seven’ tech stocks, a very rough proxy for the stock market boost from AI euphoria.

We estimate that translates into a lift to household wealth held in stocks of about $8.5T.”

As my colleague Luke Kawa recently wrote, stock market wealth seems to be underpinning US consumer spending, especially among the richest Americans. Some of that spending may retrench if AI is indeed a bubble — as some have recently mooted — and eventually pops.

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Part of the rally is related to the federal government’s retreat from student lending. But there’s more to it.

The S&P 500 ETF wars are over — VOO has won out over SPY

After more than three decades at the top, SPY has lost its crown in the S&P 500 Index wars. Now, VOO’s closest challenger is IVV.

Check and mate. Chess concept

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Serve Robotics spikes after announcing multiyear partnership with DoorDash for deliveries

Serve Robotics is spiking in early trading after the maker of sidewalk delivery robots and DoorDash announced a “multi-year strategic partnership to roll out autonomous robot vehicles across the US,” starting with Los Angeles.

Serve already does restaurant deliveries in Los Angeles (as well as Miami, Dallas, Chicago, and Atlanta) thanks to its partnership with Uber Eats.

DoorDash, for its part, already utilizes Coco Robotics to deliver food in Los Angeles and Chicago. Last week, it debuted its own delivery robot called “Dot,” which can operate on roads and sidewalks and is designed for suburban environments, per the company. Dot will initially be trialed in Tempe and Mesa, Arizona.

Read more: A day in the life of a Serve food-delivery robot

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J. Edward Moreno7h

Novo Nordisk to acquire liver disease drugmaker Akero Therapeutics for up to $5.2 billion

Novo Nordisk announced Thursdsay that it intends to acquire Akero Therapeutics for up to $5.2 billion.

Novo said it would pay $54 per share for Akero, a 15% premium to its $46.49 closing price in Wednesday, for a total of $4.7 billion.

Akero’s efruxifermin (EFX) treats a liver disease known as MASH, or metabolic dysfunction-associated steatohepatitis. The company is currently conducting late-stage trials of the drug. Shareholders will receive another $500 million if US regulators approve EFX to treat compensated cirrhosis brought about by MASH.

Akero rose about 18% in premarket trading.

Roche announced in September that it would buy another MASH drugmaker, 89bio, for $2.4 billion. GSK in July completed a $1.2 billion deal to license Boston Pharmaceuticals’ MASH drug.

Novo, the maker of Ozempic and Wegovy, has been struggling to spark sales growth amid increased competition from other weight-loss drugs and copycat versions of its drugs. The Danish drugmaker, which is down more than 30% for the year, slipped about 1% in premarket trading.

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