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Why Upstart, SoFi, and Affirm Plummeted Today

Why Upstart, SoFi, and Affirm Plummeted Today

Shares of fintech stocks Upstart (NASDAQ: UPST), SoFi Technologies (NASDAQ: SOFI), and Affirm Holdings (NASDAQ: AFRM) were plummeting today, down 8.5%, 5.1%, and 11.9%, respectively, as of 12:53 p.m. ET. There wasn't much company-specific news today, but as always, these fintech names are extremely sensitive to the market's outlook for interest rates and the potential for a recession next year. On those fronts, today's better-than-expected retail sales data could actually be interpreted as a negative, as that data point seemed to contradict recent softer inflation reports.