HOOD - Hot Stocks: Fintech plunges; U WEN fall on earnings; ELY rallies; SWCH jumps to new high

A hotter-than-expected reading on inflation and intense selling in the cryptocurrency market led to another day of losses on Wall Street. The Nasdaq led the retreat on Wednesday, falling by 3%, while the S&P 500 once again closed below 4,000. The crash in the crypto market prompted an investor exodus from many high-profile fintech names. Weak results from Coinbase contributed to the slide, with double-digit percentage declines posted by Robinhood (NASDAQ:HOOD) and Block (NYSE:SQ). Elsewhere, Unity Software (U) and Wendy's (WEN) were dragged lower by weak quarterly updates, with both reaching new 52-week lows. Meanwhile, earnings news sparked gains in Callaway Golf (ELY). At the same time, a takeover deal sent Switch (SWCH) to a fresh high. Sector In Focus The ongoing deterioration in the cryptocurrency market fanned out across the fintech space. Sharp drops in crypto, as well as disappointing results from Coinbase, triggered selling in many of the

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Hot Stocks: Fintech plunges; U, WEN fall on earnings; ELY rallies; SWCH jumps to new high