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Why Affirm Stock Sank 4.6% on Monday

TheMotleyFool

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Why Affirm Stock Sank 4.6% on Monday: https://g.foolcdn.com/editorial/images/697583/a-business-person-looking-off-deep-in-thought.jpg

Affirm Holdings (NASDAQ: AFRM) suffered a significant drop on Monday, falling 4.6% on the day to $29.49. The stock price had been down as much as 6.6% in early-afternoon trading.

It was not a great day for the markets across the board, as the Dow Jones Industrial Average ended the day 641 points lower, while the S&P 500 and Nasdaq fell 2.1% and 2.5%, respectively.

There appeared to be no direct catalyst as to why Affirm -- a buy now, pay later (BNPL) fintech -- dropped, as all the major payment companies were caught up in the overall market decline. Monday was one of the worst days for the market this quarter, hitting the brakes on what had been a nice summer rally.

Source Fool.com

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