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Today in the Market (5/28/2024)

Good Morning! On Tuesday, the NASDAQ made history by surpassing the 17,000 mark for the first time and rose by 0.59%. The S&P 500 barely moved with a gain of 0.02%, while the Dow Jones was in the red all day and finished under by 0.55%.

BILLION DOLLAR BUYBACK!

Robinhood Markets (HOOD) announced its first-ever share buyback program on Tuesday. The company intends to acquire stock worth $1 billion as part of its expansion strategy

Here are the details! Robinhood said that the repurchase would be carried out over a span of two to three years, commencing in the third quarter of 2024. But why? Companies often engage in stock repurchases when they consider their stocks to be undervalued. So is that the case here? Robinhood’s shares have seen a year-to-date increase of almost 61% but, the company remains 58% under their peak which was reached in August 2021.

What else is going on? The firm has expanded its range of products and services. In March, the company introduced a credit card for its premium Gold users, which already has more than 1 million preorders. In addition, the company introduced a retirement account in late 2022 and is anticipated to begin trading in futures and index options later this year.

WHAT IF WE MAKE IT ONLY 1 DAY?

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The settlement period for US stock trades has been reduced, resulting in a shorter time frame for investors to complete stock transactions. Instead of the previous two-day settlement period, purchases and sales will now be finalized within a single day. However, there may be significant obstacles to overcome before this can be achieved.

Who has the pressure to make sure this happens? Financial institutions and other global traders involved in transactions are getting ready for a significantly reduced time frame to convert foreign currencies into U.S. dollars, which could increase the likelihood of mistakes.

The big picture! If you are a retail investor, you probably won’t notice any changes since the only thing that will happen is funds from stock sales will arrive in your account faster following a sale. A number of financial institutions have increased their workforce, made it possible for employees to work longer hours, and even relocated some of their employees to North America.

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