SoFi Technologies Falls on Banking Weakness and Inflation Concerns
On October 14, SoFi Technologies (NASDAQ: SOFI) closed at $14.22 after falling 6.69%, reaching a 52-week low amid concerns over rising inflation and higher interest rates impacting lenders. The stock saw trading volume of 90.7 million shares, significantly above its three-month average. SoFi's performance was part of broader weakness in fintech stocks like Robinhood Markets (NASDAQ: HOOD) and Affirm (NASDAQ: AFRM), which also declined sharply due to rate concerns. The S&P 500 closed at 7,719 (-1.11%) while the Nasdaq Composite fell by 1.88%. Analysts remain divided on SoFi's outlook; Benchmark upgraded it to
Topics: fintech sector pressure inflation impact stock price decline
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