Why Shares of Affirm, Upstart, and Nu Holdings Are Falling Today
Several fintech stocks continued to fall today as the Federal Reserve's preferred gauge of inflation confirmed that consumer prices and inflation stayed hot in May.
Shares of the buy now, pay later company Affirm (NASDAQ: AFRM) are trading nearly 6.5% lower as of 10:34 a.m. ET today. Shares of the artificial intelligence lender Upstart (NASDAQ: UPST) are trading roughly 3.4% lower, and shares of the Brazilian digital bank Nu Holdings (NYSE: NU) are down nearly 4.7%.
Core personal consumption expenditures, which are tracked by the U.S. Commerce Department and watched closely by the Fed, showed that prices rose 4.7% in May from the same month in 2021. That actually was slightly less than the Street had been projecting but still not enough to provide any relief to stocks this morning.
Source Fool.com
