Why Shares of Affirm, Upstart, and Nu Holdings Rose Today
Shares of several tech and fintech stocks traded higher today as stocks in general rose and investors took a breather from the selling that has ensued all year. The Dow Jones Industrial Average rose 754 points, while the Nasdaq Composite gained 3.1%.
Shares of the buy now, pay later company Affirm (NASDAQ: AFRM) rose more than 9% today, shares of the artificial intelligence lender Upstart (NASDAQ: UPST) rose roughly 8.4% higher, and shares of the Brazilian digital bank Nu Holdings (NYSE: NU) gained roughly 4.6%.
Despite a red-hot inflation report last week from the consumer price index, which showed consumer prices stayed hot in June, investors seem to finally be starting to let their guard down. Following the inflation report, the market began pricing in a 1% hike to the Federal Reserve's overnight benchmark lending rate, the federal funds rate, at the Fed's meeting later this month.
Source Fool.com
