Why Shares of Upstart Are Falling Today
Shares of the artificial intelligence-assisted lending platform provider Upstart (NASDAQ: UPST) were nearly 7% lower as of 12:16 p.m. ET Thursday. It appears investors are continuing to worry about how much the Federal Reserve might raise interest rates next year.
Earlier this morning, new data showed that jobless claims this week rose, but not enough to lead investors to believe that the labor market is deteriorating.
While normally a positive sign, Federal Reserve Chair Jerome Powell has previously said that the Fed needs to see some deterioration in the labor market for signs that it has beat back inflation. The unemployment rate in November remained unchanged at 3.7%. This is adding to existing fears that the Fed could raise interest rates more than anticipated or keep rates higher for longer.
Source Fool.com
