Why PayPal and Upstart Stocks Were Volatile Today
A couple of fintechs, PayPal (NASDAQ: PYPL) and Upstart (NASDAQ: UPST), were volatile on Thursday. As of 11:45 a.m. ET, PayPal was down slightly, 0.1%, after dropping as much as 5.3% at the opening bell. Upstart was up about 1.6% at 11:45 a.m. ET after plummeting 10.3% just after 9:30 a.m. ET.
The major indexes were down early but surged back up. At 11:45 a.m. ET, the S&P 500 was up 58 points (1.6%), the Dow Jones Industrial Average was up 510 points (1.7%), and the Nasdaq Composite had gained 147 points (1.4%).
The major catalyst that rocked these two fintechs, as well as most of the market, was the September Consumer Price Index (CPI) report. The CPI, which measures inflation, rose 0.4% in September over the previous month, which was more than the market expected, given the fact that the Federal Reserve Board has been aggressively raising interest rates for the past six months to lower inflation.
Source Fool.com
