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Benzinga
Benzinga
Business
Henry Khederian

EXPLAINED: Why roblox shares are getting hammered today 8bc8b1a6 1c75 406a acff f5b63d69f0ba | Vintage Vibes

Roblox Roblox Corp US Federal Reserve

Roblox Corp (NYSE:RBLX) shares are trading lower by 13.18% to $25.10 Thursday morning in tandem with the overall market. Roblox shares were also trading lower during Wednesday's trading session after the company reported May 2022 key metrics.

Companies in the broader communications and entertainment industry are experiencing marked weakness after the Federal Reserve Wednesday afternoon raised its target fed funds rate by 75 basis points to a new range of between 1.5% and 1.75%, its largest interest rate hike in 28 years.

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