There are two important things everyday investors need to remember during times like these. Shares of SoFi Technologies (NASDAQ: SOFI) have lost 64.6% of their value this year in response to rising interest rates and fear of a recession.
SoFi Technologies, Inc. (SOFI) closed at $5.31 in the latest trading session, marking a -0.93% move from the prior day.
Shares of several payments and fintech stocks struggled to shake off a hangover from the Federal Reserve's September meeting yesterday, in which the Fed delivered another big rate hike. Shares of the large payments rail Mastercard (NYSE: MA) traded nearly 1.5% lower in the final hour of trading today. Shares of the buy now, pay later (BNPL) company Affirm (NASDAQ: AFRM) traded more than 6% lower, and shares of digital bank SoFi (NASDAQ: SOFI) were down nearly 5%.