Robinhood, Angi, Sea Shares Plunge After Strong Payrolls Report Pushes 10-Year Yield Above 4.5%

U.S. digital platform shares fell sharply on Friday after a surprisingly strong jobs report drove the 10-year Treasury yield past 4.5%, intensifying the valuation squeeze on high-multiple growth stocks. The Labor Department reported 172,000 new nonfarm payrolls in May, more than double the 80,000 consensus, reinforcing expectations that the Federal Reserve will hold rates higher for longer. The CME FedWatch tool began pricing in a year-end rate hike for the first time this cycle, altering the investment case for long-duration internet businesses. Robinhood (HOOD) tumbled alongside peer platform operators Angi (ANGI) and Sea (SE) as the risk-free rate spike led investors to discount future cash flows more aggressively. The selling was valuation-driven rather than a reflection of operational weakness. Just 22 days ago, Robinhood had gained 5.2% after reporting April 2026 operating data that showed a 12% monthly increase in total platform assets to $345 billion and net deposits of $6.0 billion. Deutsche Bank reiterated a "Buy" rating and $86 price target, noting equities and options strength offset softer crypto trading. Robinhood shares, down 28.5% year-to-date, traded at $82.33, 46% below their October 2025 all-time high. The broader selloff highlighted how external macro forces can override company-specific progress.