Why Farfetch Stock Soared Today

CEO José Neves wants the e-commerce marketplace to become "the global platform for luxury." Read More...

Motley Fool

Why Shares of SoFi, Upstart, and Rocket Companies Fell Today

Shares of several fintech stocks lost ground today, along with the broader market, after Federal Reserve Chairman Jerome Powell indicated the Fed will stay hawkish until it sees further proof that inflation is coming down. Shares of the digital bank SoFi Technologies (NASDAQ: SOFI) fell roughly 7.6% today, while shares of artificial intelligence lender Upstart Holdings (NASDAQ: UPST) fell 10.3%, and shares of the large mortgage originator Rocket Companies (NYSE: RKT) ended the day down nearly 10.8%. The market waited all week for Powell to take the floor at the Fed’s annual Jackson Hole Economic Symposium, looking for clarity on where the Fed might be headed with future interest rate hikes.

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