Robinhood Pops on Prediction Markets Play, Workday Stock Slumps

The operator of a major online trading platform got a boost after announcing a joint venture to broaden its reach in prediction markets, while a soft growth outlook weighed on a human resources software firm.

Major U.S. equities indexes extended their winning streak ahead of the Thanksgiving holiday to four straight sessions Wednesday amid growing optimism around a December rate cut. The S&P 500 and Dow each advanced 0.7%, and the Nasdaq added 0.8%. See here for more from Investopedia on the day’s market moves.

Robinhood Markets (HOOD) shares soared nearly 11% to lead the S&P 500 higher. The trading platform operator announced a plan to acquire a stake in LedgerX, a clearinghouse for cryptocurrency derivatives, in coordination with Susquehanna International Group. With the move, Robinhood is expanding its offerings in prediction markets, which allow customers to trade contracts based on the outcome of future events.

Shares of Dell Technologies (DELL) jumped close to 6% after the maker of PCs, servers, and networking equipment raised its full-year sales and profit outlook. The company said it’s seeing strong AI-driven demand, with record AI server orders totaling more than $12 billion year-to-date.

Oracle (ORCL) stock gained 4% Wednesday. Shares of the database software and cloud infrastructure giant have suffered significant losses over the past month amid concerns about the company’s relationship with OpenAI, its high valuation, and its heavy AI spending plans. However, analysts at HSBC and Deutsche Bank suggested the sell-off could be overdone.

Shares of Workday (WDAY), a provider of cloud-based human resources software, tumbled nearly 8% to post the steepest daily loss in the S&P 500. Although Workday’s third-quarter results were mostly in line with expectations, its fourth-quarter subscription revenue forecast failed to impress. The company pointed to soft demand from higher education customers that rely on federal funding and a cautious spending environment among corporate customers.

Deere & Company (DE) shares declined close to 6% after the farm and construction equipment manufacturer warned that a tough market environment could persist into next year. CEO John May indicated tariffs were contributing to pressure on Deere’s margins and pointed to challenges across the broader agricultural sector.