Why Affirm Stock Finished 3.6% Lower on Friday
Affirm Holdings (NASDAQ: AFRM) finished the day down 3.8% on Friday, closing at $19.28 per share. The stock price had dropped as much as 6.3% at around 2:54 p.m. ET
The market was down big on Friday, with the Dow Jones Industrial Average falling 486 points (1.6%), the Nasdaq falling 199 points (1.8%), and the S&P 500 down 65 points (1.7%).
For banks and fintechs, especially those in the payments industry, the decline is probably due to a hangover effect from the Federal Reserve's 75-basis-point interest-rate increase on Wednesday. Rates have now increased 75 basis points each of the past three times the Fed has convened. The benchmark rate is now 3% to 3.25% -- the highest since 2008.
Source Fool.com
