Why Fintech Stocks Marqeta, Affirm, and LendingClub Are Ripping Higher Today
Shares of fintech stocks Marqeta (NASDAQ: MQ), Affirm (NASDAQ: AFRM) and LendingClub (NYSE: LC) were rallying big on Thursday, up a whopping 17.5%, 22.1%, and 13.8% as of 10:44 a.m. EDT, respectively.
It wasn't hard to figure out why: Today's inflation report came in cooler than expected, a welcome change from the hotter-than-expected prints we've been used to seeing this year. Lower inflation figures could mean the Fed will slow or even stop its aggressive interest rate hikes, which have been wreaking havoc on financial markets and especially newer and smaller financial stocks such as these three.
In addition, Marqeta reported its third-quarter earnings last night, delivering better-than-expected revenue results and even better-than-expected revenue guidance. Both Affirm and LendingClub had already reported their third-quarter earnings; while their reported quarters were pretty solid, conservative forward guidance had caused a sell-off to rock-bottom prices, so it's no surprise to see them galloping higher as well on the good inflation news.
Source Fool.com
