Robinhood Stock Nears $114 as Jobs Data Boosts Risk Appetite

Robinhood stock traded near $113.24 on October 1 as investors weighed resilient U.S. labor data, softer inflation and their potential impact on interest rates and risk assets.

Initial jobless claims totaled 197,000 for the week ended September 26, below expectations of 201,000, according to Labor Department data. The previous week's figure was revised to 198,000 from 197,000, while the four-week moving average declined to 200,000.

Continuing claims also fell by 11,000 to 1.701 million, suggesting fewer Americans remained on unemployment benefits. However, low claims primarily indicate limited layoffs rather than stronger hiring. Investors will look to the September payroll report on October 2 for a broader assessment of the labor market.

Inflation data also influenced the Robinhood stock outlook. Annual core PCE inflation came in at 3.0%, while the monthly reading rose 0.2%. Headline PCE inflation stood at 3.4%, remaining above the Federal Reserve's 2% target.

The combination of resilient employment and moderating inflation could support appetite for stocks and cryptocurrencies, although a strong labor market may reduce expectations for near-term rate cuts. The Fed raised its benchmark interest rate to 3.75%-4.00% in September.

Crypto market conditions remain particularly relevant for Robinhood. Bitcoin traded around $83,975, Ethereum hovered near $2,700 and XRP stood around $1.49. Stronger crypto prices and higher customer trading volumes could support Robinhood's transaction-based revenue. The company reported $100 million in second-quarter cryptocurrency revenue, down 38% year over year.

From a technical perspective, Robinhood stock faces immediate resistance around $113.60-$113.70. Sustained closes above that range could put the psychological $114 level in focus.

On the downside, maintaining $113 is important for preserving the short-term bullish structure. A break below $112.50 could expose support near $112, followed by the recent low around $111.50. With U.S. payroll data approaching, HOOD stock could remain sensitive to shifting expectations for interest rates and broader market risk appetite.