Shares of Square and Cash App parent Block (NYSE: SQ) plunged 23.2% in September, according to data from S&P Global Market Intelligence.

It was a bad month for many technology and financial stocks as long-term interest rates rose sharply. However, Block's month was especially bad because it caught a downgrade from Wall Street analysts while also seeing the CEO of a key business unit step down from her position, adding to the uncertainty.

The month didn't start off particularly well. UBS analyst Rayna Kumar downgraded Block shares to neutral from buy on Sept. 6. Kumar noted the muted growth in active customers in the second quarter and the prospect for decelerating gross-profit growth as the consumer comes under pressure from higher interest rates.

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Source Fool.com