Why Shares of Upstart, SoFi, and Affirm Are Rising Today
Several fintech stocks reversed course and moved higher this afternoon after Federal Reserve Chair Jerome Powell, during a highly anticipated press conference, said that the Fed is preparing to slow the pace of its interest rate hikes.
Shares of the artificial intelligence-assisted lending platform Upstart Holdings (NASDAQ: UPST) traded nearly 3% higher in the final hour of trading today. Meanwhile, shares of the digital bank SoFi Technologies (NASDAQ: SOFI) traded nearly 4% higher, and shares of the buy now, pay later company Affirm Holdings (NASDAQ: AFRM) were up close to 6%.
After four consecutive interest rate hikes of 0.75 percentage points earlier this year, most market participants were expecting the Fed to raise interest rates by a half point at its final meeting of the year in December. Still, it was far from unanimous.
Source Fool.com
