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Why PayPal, Upstart, and SoFi Stocks Are All Falling Today

Why PayPal, Upstart, and SoFi Stocks Are All Falling Today

Wall Street headed toward the end of a bumpy week with another broad sell-off Friday morning after a government report showed continued strength in the job market, suggesting the Federal Reserve's campaign of aggressive interest rate hikes will continue. On Friday morning, PayPal Holding (NASDAQ: PYPL) slipped by as much as 3.7%, SoFi Technologies (NASDAQ: SOFI) slumped as much as 5.3%, and Upstart (NASDAQ: UPST) was down by as much as 8.4%. The monthly jobs report from the Bureau of Labor Statistics showed that U.S. nonfarm payroll jobs jumped by 263,000 on a seasonally adjusted basis in September, slightly below the 275,000 predicted by economists.