UPST - PayPal Block other fintech stocks return to earth after COVID boost

After PayPal Holdings (PYPL -26.1%) stock dives on weak 2022 guidance and a pivot in customer acquisition strategy, against an overall weak backdrop for fintech stocks. Fintech, online lending, and payment stocks turn down, extending a months-long slump in the sector as investors grow risk averse. Note that Global X FinTech Thematic ETF (FINX -4.0%) has dropped 30% in the past six months. PayPal (NASDAQ:PYPL) fell 52%, Square (NYSE:SQ) 58%, Lightspeed Commerce (NYSE:LSPD) -61%, SoFi Technologies (NASDAQ:SOFI) -20%, and Upstart Holdings (NASDAQ:UPST) -16% over the same timeframe. In Wednesday trading, Block (SQ -10.5%) drops after completing its acquisition of Afterpay. Other payment names dip as well: Paysafe (PSFE -5.0%), Lightspeed Commerce (LSPD -6.1%), Fiserv (FISV -0.9%), and Global Payment (GPN -0.6%).  Online lending names also suffer: Upstart Holdings (UPST -8.9%), LendingClub (LC -6.6%), Blend Labs (BLND -1.1%), Rocket Companies (RKT -2.2%), and SoFi Technologies (SOFI -7.3%). LendingTree (TREE +2.4%) is

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PayPal, Block, other fintech stocks return to earth after COVID boost