Why Upstart, SoFi Technologies, and Affirm Were Skyrocketing Today

Shares of fintech stocks Upstart Holdings (NASDAQ: UPST), SoFi Technologies (NASDAQ: SOFI), and Affirm Holdings (NASDAQ: AFRM) rocketed higher on Wednesday, up 13.9%, 6.9%, and 13.1%, respectively, as of 1 p.m. ET.

There's no big secret as to what is moving these beaten-down stocks today: a better-than-feared inflation report from the Bureau of Labor Statistics this morning.

Coming into today, these stocks were down massively from their all-time highs set last year. Even after today's bounce, SoFi is down 50%, Affirm is down 63%, and Upstart is down 79% year to date.

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Source Fool.com