Tickers
Retail-facing fintech stocks fell sharply as a crypto slide and a political shift in Washington weighed on the group. Robinhood (HOOD) sank 12% to $76, while SoFi (SOFI) tumbled 9% and Affirm dropped 8%. The declines came as Bitcoin slid and Democrats’ control of Congress raised concerns about the sector’s outlook.
Retail-facing fintech stocks are taking some of the market’s worst losses as a crypto slide and a political shift in Washington both weigh on the group, according to a report from 247wallst.com.
Robinhood, SoFi and Affirm Fall
Shares of Robinhood Markets (NASDAQ:HOOD) are at $76, down 12%, per the report. SoFi tumbled 9% and Affirm dropped 8%.
Two Pressures on the Group
The report attributes the declines to two factors:
- A slide in Bitcoin
- A political shift in Washington, with a Democratic Congress weighing on the fintech sector’s outlook
The report did not provide further detail on the magnitude of the crypto move or the specific policy concerns behind the political pressure.