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Why Upstart Stock Is Falling Fast Today

TheMotleyFool

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Why Upstart Stock Is Falling Fast TodayPhoto, wide shot, wide-angle lens, Private equity firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/2b695cca-48cb-4195-802a-e3385fb90ec0.png

Shares of Upstart Holdings (NASDAQ: UPST) were sliding today on no company-specific news. Instead, investors were concerned about comments made by a Federal Reserve official about rising interest rates.

Investors are worried that ongoing interest rate hikes could spur a recession and the financial industry, which includes fintech companies like Upstart, is more sensitive to investors' concerns about an economic slowdown.

As a result, Upstart's share price was down by 3.8% as of 1:51 p.m. ET.

Source Fool.com

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