Why Affirm Stock Was Dropping Today
Affirm Holdings (NASDAQ: AFRM) stock was tanking on Thursday morning, down as much as 6.3% at around 10:15 a.m. ET. By 12:40 p.m. ET it had crawled back a little but was still down 4.3%, trading at $22.42.
It was yet another down day on Thursday, on its way to being the fifth straight negative day on the three major indexes.
Affirm, a buy now, pay later provider, is no doubt feeling the effects of the overall market malaise, sparked last Friday by Federal Reserve Board Chair Jerome Powell's speech at Jackson Hole, Wyoming, where he gave no indication that the Fed would let up on its aggressive push to raise interest rates to slow down inflation. This sparked recession fears, which would not be great for a company like Affirm that relies on consumer spending to generate revenue.
Source Fool.com
