US stocks fell Wednesday morning, extending Tuesday's losses as investors remained focused on mounting signs of a slowdown in US economic growth.
Several fintech stocks continued to fall today as the Federal Reserve's preferred gauge of inflation confirmed that consumer prices and inflation stayed hot in May. Shares of the buy now, pay later company Affirm (NASDAQ: AFRM) are trading nearly 6.5% lower as of 10:34 a.m. ET today. Shares of the artificial intelligence lender Upstart (NASDAQ: UPST) are trading roughly 3.4% lower, and shares of the Brazilian digital bank Nu Holdings (NYSE: NU) are down nearly 4.7%.
Upstart Holdings (NASDAQ: UPST) is a lending platform, powered by artificial intelligence. How Upstart is using its balance sheet now. Dave Girouard: Also, even whatever is on our balance sheet, it's a fraction of what a lot of other fintechs have, we're not a balance sheet company, do not intend to become one.