Why Shares of ARK Innovation ETF, Affirm, Upstart, and SoFi Struggled This Week
Shares of many technology and fintech stocks struggled this week, largely due to the release of the Federal Reserve's December minutes.
Shares of Cathie Wood's Ark Innovation ETF (NYSEMKT: ARKK) had fallen nearly 10% for the week as of market close Thursday, while shares of buy now, pay later (BNPL) company Affirm (NASDAQ: AFRM) were down roughly 19%. Shares of the artificial intelligence lender Upstart Holdings (NASDAQ: UPST) and digital banking app SoFi Technologies (NASDAQ: SOFI) had fallen more than 21% and nearly 13%, respectively, for the week.
There does not seem to be a ton of company-specific news related to any of these stocks or exchange-traded funds. Rather, they are reacting to macro news and the new direction of the Federal Reserve, similarly to the way they have over the past few months.
Source Fool.com
