The S&P 500 entered a bear market on June 13, 2022, after dropping more than 20% from its all-time high in January 2021. The index has risen 6% since that fateful day, but that's well below the 20% gain it needs to qualify as a new bull market. It's unclear if a new bull market will start this year, but one of the hottest secular trends -- artificial intelligence -- could catch fire when it finally does.
A controversial research report about a prominent fintech was the torpedo that sank a clutch of the sector's stocks on Thursday. Two notable victims of this were insurance specialist Lemonade (NYSE: LMND) and next-generation lender Upstart Holdings (NASDAQ: UPST). The peer blasted with that report was Block (NYSE: SQ), which has drifted into the sights of a short-seller called Hindenburg Research.
SAN MATEO, Calif., March 22, 2023--Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, today announced the launch of the Upstart Macro Index (UMI). In an industry first, UMI is designed to estimate how changing macroeconomic conditions, such as personal savings rate, inflation, and unemployment, are impacting the credit performance of Upstart-powered loans.