Why Shares of Upstart Are Rising Today
Shares of the artificial intelligence lender Upstart (NASDAQ: UPST) traded more than 6% higher as of 2:20 p.m. ET for no obvious reason other than the broader rally among tech stocks today.
The Nasdaq Composite traded nearly 1% higher as of this writing, after spending much of the week selling off. Even after the rally today, the Nasdaq is still down more than 5% this week.
Tech stocks have been getting hammered as investors adjust to the Federal Reserve's new timeline and outlook, in which the agency is now expected to raise interest rates multiple times this year and potentially also shrink its balance sheet. As a fast-growing stock last year, Upstart has felt the pain, with shares down roughly 69% over the past three months.
Source Fool.com
