Fintech stocks are up today, with investors celebrating recent news from the Federal Reserve concerning interest rates.
The big announcement that excited investors is that there will be no more interest rate increases in 2023. The Fed revealed that during its last meeting of the year yesterday.
On top of that, it looks like the central bank is going to shift gears when it comes to interest rates. The Fed has signaled that it will introduce multiple interest rate cuts in 2024. That could see it cut rates three times with each one being a quarter of a percent.
This is welcome news for fintech stocks and the rest of the market, considering the 11 interest rate increases introduced by the Fed. It did so to combat rising inflation. However, it appears inflation has cooled enough to warrant cutting interest rates again.
Brian Spinelli, co-chief investment officer at Halbert Hargrove, said the following to Bankrate about the cuts:
“Positioning of futures data indicates the market is pricing in Fed cuts around the middle of next year, in the May/June time frame. Whether the market has this right is a point of debate with investors.”
Let’s check out how fintech stocks are reacting to this news below!
Fintech Stocks Up Today
- SoFi Technologies (NASDAQ:SOFI) stock starts us off with a 4.5% increase on Thursday morning.
- PayPal (NASDAQ:PYPL) stock joins the rally with a 1.5% jump this morning.
- Block (NYSE:SQ) stock is climbing 6% higher today alongside the Fed news.
- Wise (OTCMKTS:WPLCF) stock is up 3.3% as of this writing.
- Lendingtree (NASDAQ:TREE) stock is seeing a major 7% jump on Thursday.
There’s even more stock market news that traders will want to read about below!
We have all of the latest stock market stories worth reading about on Thursday! A few examples include what’s happening with bank stocks, SOFI shares and Opendoor Technologies (NASDAQ:OPEN) stock today. All of that news is ready to go at the following links!
More Stock Market News for Thursday
- Why Are Bank Stocks Up Today?
- Why Is SOFI Stock Up Today?
- Opendoor (OPEN) Stock Jumps on Analyst Upgrade
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
