Tuesday, September 27, 2022
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Premarket – Dow futures climb 200 points, Roblox goes public Wednesday

Roblox has been a huge beneficiary of the Covid-19 shutdowns, which forced kids out of the classroom and away from their friends. With no school to attend and birthday parties canceled, kids turned to Roblox, where they can socialize virtually, navigating theme parks, attending concerts and playing action games while also staying in touch using its popular text chat feature.

Daily active users jumped 85% in 2020 to 32.6 million. The number of hours that players spent on the app more than doubled to 30.6 billion.

On Tuesday, the New York Stock Stock Exchange set a reference price for Roblox’s direct listing of $45 a share, which is the same price investors paid in January. However, the reference price does not necessarily indicate where the stock will open on Wednesday when shares will trade publicly for the first time.

U.S. stock futures jumped on Wednesday after a report showed tame inflation, easing worries about rising prices that have jolted yields higher and unnerved equity investors.

Futures on the Dow Jones Industrial Average gained 200 points, or 0.6%. S&P 500 futures added 0.6%. Futures on the tech-heavy Nasdaq 100 rebounded into the green, climbing 1.2%.

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