Robinhood Markets Inc. (NASDAQ:HOOD) stock traded lower Thursday, reversing an earlier premarket gain of 5.77% to $101.30. The Nasdaq fell 0.56%, while the S&P 500 lost 0.37%.
The move followed developments from a White House summit on cryptocurrency policy held Wednesday. The stock also drew attention on X following a CNBC panel discussion about Tom Lee, who recently named HOOD as a stock to avoid in 2026.
Lee is a prominent Wall Street macro strategist, co-founder of Fundstrat Global Advisors and a frequent financial commentator known for his often bullish market outlooks, particularly on Ethereum (CRYPTO: ETH). He also serves as Chairman of the Board of Bitmine Immersion Technologies (NYSE:BMNR).
Crypto Policy Summit Lifts Sentiment
Cryptocurrency-related stocks gained momentum Thursday following policy updates from the White House summit. The meeting included CFTC Chairman Michael Selig, SEC Chairman Paul Atkins and executives from Coinbase Global Inc (NASDAQ:COIN), Robinhood, Ripple and Kalshi.
