Why Upstart Holdings Fell Today
Shares of fintech lending platform Upstart Holdings (NASDAQ: UPST) were falling in today's trading, down 5% as of 12:09 p.m. ET.
There wasn't any company-specific news today, but the decline was likely attributable to two other factors: increased loan loss reserves taken at other large banks during this earnings season, as well as the continued rise in Treasury bond yields.
Upstart was likely falling in sympathy with bank stock peers that reported third-quarter earnings today, including Silicon Valley Bank and American Express. Silicon Valley Bank plunged roughly 20%, due to its catering heavily to the technology and start-up world, which has seen valuations come down and financial activity grind to a halt. Meanwhile, while American Express delivered earnings that beat expectations, it increased its provision for credit losses by about 90% quarter over quarter.
Source Fool.com
