Why Upstart, Affirm, and MercadoLibre Were Rallying Today
Shares of fintech and e-commerce related stocks Upstart (NASDAQ: UPST), Affirm (NASDAQ: AFRM), and MercadoLibre (NASDAQ: MELI) were rallying today, up 2.9%, 10.8%, and 5.3%, respectively.
There wasn't much in the way of company-specific news today driving these stocks, but it appears that after several consecutive weeks of declines, the most beaten-down parts of the market, including high-growth technology and fintech stocks, are seeing a rebound. MercadoLibre also did get a bit of good news individually, as a large competitor announced it would be retreating from some of its markets.
Today's big gains could have been enhanced by short-covering, with many institutional funds positioned against these names amid the dual threats of rising long-term bond yields and potential recession as the Federal Reserve raises rates.
Source Fool.com
