Why Upstart Rallied Today, Defying the Market Swoon
Artificial intelligence (AI) lending platform Upstart (NASDAQ: UPST) rallied on Thursday, up 2.6%, even as the broader markets were down more than 1%.
There wasn't much in the way of company-specific news today, but Upstart was tracking higher along with other smaller-cap fintech stocks today. That's an uncharacteristically positive move, given that fintech stocks have been among the worst hit this year.
This may be somewhat of a rotation, as higher inflation along with resilient consumer spending data and employment could be bullish for companies that benefit from interest income -- as long as higher rates don't tip the economy into recession.
Source Fool.com
