Here's Why Shares of Affirm, SoFi, and Marqeta Surged In July
Tech and fintech stocks rebounded in July after a brutal first half of the year dominated by selling and concerns about the interest rate and macro outlook. The Nasdaq Composite gained roughly 12.4% in July.
Shares of the buy-now-pay-later company Affirm (NASDAQ: AFRM) gained nearly 49% in July, according to data provided by S&P Global Market Intelligence. Shares of the digital bank SoFi (NASDAQ: SOFI) gained nearly 20%, and shares of the payments company Marqeta (NASDAQ: MQ) jumped more than 18%.
Since completing the first half of 2022, investors have continued to focus on future monetary policy by the Federal Reserve, including how much the Fed will continue to hike its benchmark overnight lending rate, the federal funds rate.
Source Fool.com
