Why Shares of SoFi Are Falling Today
Shares of the one-stop financial services company SoFi (NASDAQ: SOFI) traded nearly 3.7% lower today for no obvious reason other than broader market trends, which seemed to be pulling most fintech companies downward today.
Tech and fintech stocks rebounded last week. Even after a slight dip today, the Nasdaq Composite is still up more than 5% over the last five trading days as of this writing.
But there is still a lot of uncertainty in the current environment. Inflation is still a question mark in terms of whether or not it has flatlined, and the Federal Reserve is expected to keep raising its benchmark overnight lending rate, the federal funds rate, to try and get inflation under control. This historically doesn't bode well for high-growth tech stocks. Despite the gains last week, I don't think the selling is done just yet.
Source Fool.com
