Why Upstart, PayPal, and SoFi Stocks Were Volatile Today
It's been a wild day for fintech stocks. Shares of Upstart Holdings (NASDAQ: UPST), PayPal Holdings (NASDAQ: PYPL), and SoFi Technologies (NASDAQ: SOFI) started the trading day making significant gains, as a handful of banks released better-than-expected quarterly results this week. But investors reversed course by mid-afternoon and erased nearly all of the early gains the stocks had made after Philadelphia Federal Reserve President Patrick Harker said that "we are going to keep raising rates for a while" to tamp down sky-high inflation.
That's not what investors wanted to hear today. As a result, Upstart lost the 8% gains it made earlier in the day and was up by just 0.7%. PayPal reversed its 3.7% increase and was up by just 0.4%, while SoFi lost its earlier gain of 4% and was up by only 0.4% as of 3:10 p.m. ET.
Investors started the day optimistic as they took into account the latest quarterly results from Bank of America, Bank of New York Mellon, and Goldman Sachs, which were released earlier this week. Each bank outpaced Wall Street's consensus estimates for their respective quarters, leading to a general sense of optimism in the market and for financial stocks, in particular.
Source Fool.com
