Why Shares of Affirm, SoFi, and Upstart Are Falling Today
Shares of most tech stocks sputtered this morning as investors weighed new economic data and tried to figure out whether the recent market rally is for real or too optimistic. The Nasdaq Composite had given up about 1.3% as of this writing.
Shares of the buy now pay later (BNPL) company Affirm (NASDAQ: AFRM) traded more than 6% lower as of 10:46 a.m. ET today. Shares of the digital bank SoFi (NASDAQ: SOFI) also traded more than 6% lower, while shares of the artificial intelligence lender Upstart (NASDAQ: UPST) were down 6.6%.
New data from the U.S. Census Bureau this morning showed that retail sales in July came in flat from June. But retail and food sales, not including gas and auto, rose by 0.7%, as people were able to take some of the money they were spending on gas and allocate it to other areas. Online sales rose 2.7% in July.
Source Fool.com
