A market order is a type of stock order that executes at the best available price on the market. Market orders have priority over other order types, so they generally execute immediately during regular and extended trading hours. Market orders are typically used when investors want to trade stocks quickly or avoid partial fills.
Keep in mind, you aren’t guaranteed a price with a market order. Robinhood collars market orders by 5% to help cushion against any significant upward price movements. Also, not all stocks support market orders during extended hours. If the market is closed, the order will be queued for market open. You can learn more by checking out Extended-Hours Trading.
The price displayed in the app is the last sale price, and might not be the best available price when the order is executed.