Shares of fintech leaders Marqeta (NASDAQ: MQ), SoFi Technologies (NASDAQ: SOFI), and Affirm (NASDAQ: AFRM) were rising today, up 6.5%, 8.7%. and 13.2%, respectively, as of 12:23 p.m. ET.

The only company that reported any material news lately was Marqeta, which announced a major product expansion yesterday and another partnership today. However, the across-the-board increase in fintech stocks likely had to do with a significant decline in long-term bond yields, which is likely helping growth stocks across many sectors today.

Fintech names have been highly susceptible to the rapid change in interest rates this year, which is why they have been sold off so much. In fact, most fintech names have been some of the hardest-hit stocks in the market this year, with most down 70% to 95% since their peak in 2021.

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Source Fool.com