What's Driving the Sell-Off of Popular Fintechs Like Affirm, Upstart, and SoFi

If you invest in fintech stocks, as I do, then you likely have been feeling the sting over the past few weeks as the market has sold off the sector aggressively. Up until recently, big players like Upstart (NASDAQ: UPST), Affirm (NASDAQ: AFRM), and SoFi (NASDAQ: SOFI) had run up to huge valuations. But now, even after price action from third-quarter earnings results, the market has for now turned its back on these heavyweights.

Let's look at what has been driving the move over the past few weeks and whether or not this is likely to persist.

If you've been sitting at your computer and seeing these stocks sell off for seemingly no reason, the good news is that not much might have changed in your investment thesis. The bad news is that the macroeconomic environment seems to be a bigger driver right now.

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Source Fool.com