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.
Trump Pushes Legislative Progress
President Donald Trump reiterated his commitment to U.S. leadership in cryptocurrency and urged Congress to pass the CLARITY Act, legislation intended to establish regulatory standards for digital assets.
Tom Lee’s Avoid Call Sparks Debate
On X, user Dr. Crossroads questioned the call, pointing to factors including the expected end of the crypto winter, prediction markets and Robinhood’s international expansion.
Mark Newton, Global Head of Technical Strategy at Fundstrat, clarified that HOOD’s placement was based on a monthly technical ranking, rather than a recommendation to short or avoid the stock.
“The bottom 5 are not ‘shorts’ per se, or avoids,” Newton said, adding that HOOD’s chart is in consolidation and could take time for its fundamentals to materialize.
HOOD Stock Price Activity: Robinhood Markets shares were down 1.32% at $94.51 at the time of publication on Thursday, according to Benzinga Pro data.
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