Why Are Affirm, Upstart, and StoneCo Getting Crushed on Wednesday?

The stock market was having a strong day on Wednesday, with all three major market averages in positive territory by 0.6% or less at 12:30 p.m. ET. However, the financial technology, or fintech, industry was a major laggard.

Just to name some of the biggest losers, buy now, pay later leader Affirm Holdings (NASDAQ: AFRM) had declined by 11%, lending technology platform Upstart Holdings (NASDAQ: UPST) was down by nearly 10%, and so was Brazil-based payment technology company StoneCo (NASDAQ: STNE).

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Source Fool.com