Why Block, Nu Holdings, and Lemonade Shares Plunged Today
Shares of fintech companies Block (NYSE: SQ), Nu Holdings (NYSE: NU), and Lemonade (NYSE: LMND) plunged today, down 7.5%, 3.6%, and 7.3%, respectively.
It was a terrible day for the markets, after this morning's inflation report came in hotter than expected. High inflation, as well as the likely aggressive Federal Reserve response, have been poison for the fintech sector this year, which has seen some of the worst sell-offs of any sector in the market. Today saw an unfortunate continuation of those trends.
Fintech stocks have been some of the hardest-hit in this environment, in which high inflation has been coupled with fears over a recession.
Source Fool.com
