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Why Roblox Stock Was Up 8% on Tuesday

TheMotleyFool

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Why Roblox Stock Was Up 8% on Tuesday: https://g.foolcdn.com/editorial/images/706097/son-and-mother-on-phone.jpg

Shares of Roblox (NYSE: RBLX) are jumping today, up by 8% as of 11:15 a.m. ET, compared to a 1% spike in the S&P 500. The rally didn't do much to erase losses that investors have seen in the stock lately, which remains down by over 50% so far in 2022.

The move higher came as Wall Street expressed more optimism about the economy and Roblox's upcoming earnings report.

The main factor driving the gaming platform provider's stock up on Tuesday was the broader market's rise. The Nasdaq Composite, home to many beaten-down tech stocks, climbed by over 1% and many digital entertainment specialists, including Netflix and Roku, jumped by 5% or more.

Source Fool.com

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