Why Block, Affirm, and Upstart Holdings Were Plunging Today
Shares of former fintech high-flyers Block (NYSE: SQ), Affirm (NASDAQ: AFRM), and Upstart (NASDAQ: UPST) were falling hard today, down 6.9%, 5.7%, and 4.2%, respectively, as of 3:00 PM EDT.
There was widespread selling among unprofitable or highly valued tech stocks today, especially fintech stocks. This could be a continuation of last week's sell-off, as a parade of Federal Reserve governors continued to make media appearances while maintaining their hawkish stances, even in the face of a better-than-expected inflation report on Nov. 10.
That may lead some to conclude the Fed may go too far and spark a recession. With these stocks having recently jumped, it may not be surprising to see investors take some chips off the table.
Source Fool.com
