Shares of the digital bank SoFi (NASDAQ: SOFI) traded roughly 5% lower as of 11:53 a.m. ET today. Meanwhile, shares of the buy now, pay later company Affirm (NASDAQ: AFRM) and the artificial-intelligence lender Upstart (NASDAQ: UPST) both traded about 6% down. Yesterday, stocks rallied after the Reserve Bank of Australia raised its benchmark interest rate by only 25 basis points instead of the 50-point hike that was expected.
Falling job openings and lower long-term yields could be headwinds in normal times, but they are tailwinds today.
These rapidly growing businesses are performing much better than their beaten-down stock prices would suggest.