The financial community is dissecting the avalanche of profits that are still coming from banks and payment networks.
And, while earnings releases have yet to pick up in our coverage, via the FinTech IPO Index, we can presume that the names are moving in sync with what their financial services peers are saying.
Of sure, inflation is increasing. Interest rates are rising in an attempt to mitigate at least part of the inflationary impact. Consumer spending continues healthy, but there is still the possibility that demand in all sectors of commerce may drop.
It should be emphasized that the firms we cover are equally weighted in the Index, which implies that even the lowest capitalization companies have the same influence as their much bigger rivals. And, in certain situations, the most unusual shifts in our universe were not always followed by company-specific news.
Blend dropped 20% in one week. Opendoor Technologies was down nearly 16 percent, and it’s possible that concerns about a housing slowdown are weighing on that company. Upstart lost roughly 14% of its value.