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Why PayPal, Block, and Coinbase Are Down Ahead of Earnings


The market hasn't been kind to fintech stocks PayPal (NASDAQ: PYPL), Block (NYSE: SQ), and Coinbase (NASDAQ: COIN) ahead of their third-quarter earnings releases after the market closes. Yesterday the Federal Reserve increased interest rates and said it expects to keep moving rates higher, while earnings results have been mixed over the last few days. That's making investors cautious ahead of today's results. 

Shares of PayPal fell as much as 5.2% in early trading, Block dropped 6%, and Coinbase was down 4.9% at its low. Shares are down 2.1%, 1.3%, and 2.2%, respectively, at noon ET. 

Investors don't quite know what to expect from earnings at these financial institutions. All three have exposure to the crypto market that has been down badly in 2022, but they're also dependent on increasing economic activity and digital payments for growth. That growth is being questioned more than ever as interest rates rise and many observers expect we are heading into a recession. 

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Source Fool.com

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