SoFi Technologies (NASDAQ: SOFI) stock gained 14% in July, according to data provided by S&P Global Market Intelligence. The stock soared after the Federal Reserve indicated that it might cut interest rates in September. However, it's fallen again since reporting earnings at the end of the month.

It wasn't only SoFi stock that soared in July. Bank stocks, as an industry, jumped on the news that interest rates might finally come down. There have been signs of a soft landing, with inflation rates falling, and the Federal Reserve said it thinks it can begin to cut interest rates in September.

That's good news for banks, which are acutely susceptible to interest rates because they lend and invest money. They benefit from higher rates because they make more money on the money they invest, but in general, interest-rates hikes aren't beneficial because the banks pay higher rates on deposits and deal with higher default rates.

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Source Fool.com