Fintech stocks Upstart, Affirm, Block hit hard in market rout as persistent inflation continues
Financial-technology stocks are among the biggest losers in the tech sector Tuesday after the August consumer-price index showed a surprise monthly increase, even as the year-over-year growth rate dropped to 8.3% from 8.5%. Shares of artificial-intelligence lending company Upstart Holdings Inc. are off 9.3% in Tuesday morning trading, while shares of buy-now-pay-later operator Affirm Holdings Inc. are down 8.9%. Shares of cryptocurrency exchange Coinbase Global Inc. are down 7.3% Tuesday, and shares of Square-parent Block Inc. are off 7.0%. Shares of more established payment-technology names were seeing smaller losses Tuesday, with Visa Inc.''s stock off 2.4%, Mastercard Inc.''s stock off 2.8%, and PayPal Holdings Inc.''s stock down 2.0%. The Global X Fintech ETF is off 4.1% Tuesday morning. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Fintech stocks Upstart, Affirm, Block hit hard in market rout as persistent inflation continues
Financial-technology stocks are among the biggest losers in the tech sector Tuesday after the August consumer-price index showed a surprise monthly increase, even as the year-over-year growth rate dropped to 8.3% from 8.5%. Shares of artificial-intelligence lending company Upstart Holdings Inc. are off 9.3% in Tuesday morning trading, while shares of buy-now-pay-later operator Affirm Holdings Inc. are down 8.9%. Shares of cryptocurrency exchange Coinbase Global Inc. are down 7.3% Tuesday, and shares of Square-parent Block Inc. are off 7.0%. Shares of more established payment-technology names were seeing smaller losses Tuesday, with Visa Inc.''s stock off 2.4%, Mastercard Inc.''s stock off 2.8%, and PayPal Holdings Inc.''s stock down 2.0%. The Global X Fintech ETF is off 4.1% Tuesday morning. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.