Stock Market Today, Oct. 14: SoFi Technologies Falls on Banking Weakness
SoFi Technologies (NASDAQ:SOFI), a popular digital financial services platform, closed at $14.22, down 6.69%. The stock reached a 52-week low today, pressured by hotter-than-expected inflation data and pressure on lenders.
Trading volume reached 90.7 million shares, coming in about 108% above its three-month average of 53.6 million shares. SoFi Technologies IPO’d in 2021 and has grown 13% since going public.
S&P 500 closed at 7,719, down 1.11%, while the Nasdaq Composite closed at 26,693, down 1.88%. Among fintech stocks, Robinhood Markets (NASDAQ:HOOD) fell 8.54% to $101.08, and Affirm (NASDAQ:AFRM) fell 9.74%to $70.51 as rate concerns dragged on the sector.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.