Why Upstart, Affirm, and SoFi Stocks Hit the Skids Early Wednesday
After two days of strong gains, Wall Street appeared to be taking a breather on Wednesday, with a broad cross-section of stocks losing ground. Investors seemed to ponder the wider economic landscape, looking for signs of what the future might hold.
With this as a backdrop, a number of financial technology (fintech) companies traded lower, as Upstart Holdings (NASDAQ: UPST) tumbled as much as 10.3%, Affirm Holdings (NASDAQ: AFRM) slumped as much as 9.4%, and SoFi Technologies (NASDAQ: SOFI) slipped as much as 5%. As of 1:36 p.m. ET today, the three were still trading lower, down 9.7%, 9.1%, and 4.6%, respectively.
To be clear, there was no company-specific news fueling the declines. Rather, investors grew more cautious after reading the latest economic tea leaves.
Source Fool.com
