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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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