BLND - Fintech stocks slide with tech as investors turn to safer haven assets

Tech stocks (XLK -2.5%) slump the most among the S&P 500 industry sectors on Friday, and fintech stocks are bearing that out. Among the session's biggest losers: Blend Labs (BLND -10.2%), Paysafe (PSFE -5.9%), SoFi Technologies (SOFI -8.4%), Square (SQ -6.9%) (soon to be Block), and Robinhood Markets (HOOD -9.4%). Investors are weighing the worse-than-expected number of jobs added to the economy in November, the effects of the Omicron variant, and the prospects for earlier tightening of monetary policy. Critics of the Fed have long said that the central bank's ultra-dovish policies have been inflating asset prices. So the increased probability of tighter policy is likely weighing on growth stocks. Money flows into safer havens like bonds. The 10-year treasury yield falling almost 9 basis points to 1.36%. Remember that as bond prices rise, yields fall. Cryptocurrency weakness, which aligns with the risk-off narrative, may account for some of the

For further details see:

Fintech stocks slide with tech as investors turn to safer haven assets