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US markets rallied; Robinhood surged 24.2% on extended trading; Chewy fell 15% after-hours on Q4 results

  • The Nasdaq rose 1.8% to close Tuesday’s session at 14,620 points.
  • Robinhood surged 24.2% after extending trading hours to 7am-8pm ET.
  • Chewy plunged 15% in after-hours trade on the release of Q4 results.

The US markets closed higher on Tuesday as the price of oil dropped to the lowest level in almost two weeks, easing investors’ inflation concerns.

The Dow Jones rose 1% to finish the trading day up 338 points to close at 35,294 points.

The tech heavy NASDAQ rose 1.8% to finish the trading day up 265 points to close at 14,620 points with Netflix and Apple gaining 3.52% and 1.91% respectively.

One bitcoin is worth US$47,358 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 75.2 US cents.

Shares in trading platform Robinhood soared 24.2% on Tuesday after the company announced it is extending the hours it allows users to trade on the platform. Traders using Robinhood will now be able to trade on the platform from 7am to 8pm ET, in a small step toward becoming a 24/7 trading platform in the future.

Chewy shares fell 15% in after-hours trading after the online pet food retailer reported a third straight loss for the fourth-quarter. For the quarter, Chewy reported a net loss of US$63.6m, net sales of US$2.39bn up 17% YoY and adjusted EBITDA of negative US$28.1m, a decline of US$88.9m YoY. The company said supply chain and cost pressures continued to impact operations in the fourth-quarter.

And a hacker has stolen US$625m worth of cryptocurrency from Ronin, the blockchain underlying popular crypto-game, Axie Infinity, in one of the largest decentralised finance hacks to date.

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