Why PayPal, Upstart, and SoFi Stocks Are All Falling Today
Wall Street headed toward the end of a bumpy week with another broad sell-off Friday morning after a government report showed continued strength in the job market, suggesting the Federal Reserve's campaign of aggressive interest rate hikes will continue.
That news sent shares of a number of fintech companies lower. On Friday morning, PayPal Holding (NASDAQ: PYPL) slipped by as much as 3.7%, SoFi Technologies (NASDAQ: SOFI) slumped as much as 5.3%, and Upstart (NASDAQ: UPST) was down by as much as 8.4%. As of 11:57 a.m. ET, they were still down 3.4%, 4.9%, and 7.3%, respectively.
The monthly jobs report from the Bureau of Labor Statistics showed that U.S. nonfarm payroll jobs jumped by 263,000 on a seasonally adjusted basis in September, slightly below the 275,000 predicted by economists. While that was down from the 315,000 jobs added in August, the labor market remains strong.
Source Fool.com
