Shares of several tech stocks bounced today after an intense few weeks of selling and as the market tries to determine what will happen to the economy and monetary policy in 2023.

Shares of the artificial-intelligence lending-company Upstart (NASDAQ: UPST) traded 4.7% higher as of 12:05 p.m. ET today. Shares of the buy now, pay later (BNPL) company Affirm (NASDAQ: AFRM) traded 4.1% higher, while shares of digital-bank SoFi (NASDAQ: SOFI) traded as much as 4.9% higher before giving up most of those gains, as of this writing.

Following hot inflation data for August and the Fed's September meeting last week, which ended with another big 0.75% interest-rate hike and some grim comments from Fed Chairman Jerome Powell, there has been a lot of pressure on stocks. Tech stocks have been some of the biggest losers this year because many of them traded at astronomical valuations last year and rate hikes reduce the future value of their cash flows.

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Source Fool.com