Why Shares of SoFi, Affirm, and Upstart Are Falling Today
Coming off their best two-day rally in two years, stocks dropped on Wednesday after a better-than-expected jobs report this morning and as Treasury yields bounced.
Shares of the digital bank SoFi (NASDAQ: SOFI) traded roughly 5% lower as of 11:53 a.m. ET today. Meanwhile, shares of the buy now, pay later company Affirm (NASDAQ: AFRM) and the artificial-intelligence lender Upstart (NASDAQ: UPST) both traded about 6% down.
Yesterday, stocks rallied after the Reserve Bank of Australia raised its benchmark interest rate by only 25 basis points instead of the 50-point hike that was expected. That led investors to believe that perhaps the Federal Reserve could begin to slow the pace of its rate hikes as well.
Source Fool.com
