Shares of several popular fintech stocks rode the wave upward with the broader market Thursday after new data from the Labor Department indicated that the red-hot U.S. job market may be cooling a bit.

As of 12:30 p.m. ET, shares of one-stop-shop financial services company SoFi (NASDAQ: SOFI) were trading nearly 4% higher, artificial intelligence-assisted lender Upstart (NASDAQ: UPST) was up by more than 4%, and insurtech company Lemonade (NYSE: LMND) was up by more than 5.5%.

Investors rejoiced after new unemployment claims came in at 225,000 for the week that ended Dec. 24 -- 9,000 higher than the prior week and slightly above the consensus estimate. While it might sound odd for investors to be happy about rising unemployment, the Federal Reserve has made it abundantly clear that its war on inflation will continue until it slows the U.S. economy, and some deterioration in the labor market would signal that slowdown is happening.

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Source Fool.com