SoFi Technologies (NASDAQ:SOFI) stock is up on Thursday as the shares continue a rally that started yesterday alongside an update from the Federal Reserve.
The big news here that has SOFI stock up today is that there are no new interest rate increases from the Fed. Instead, the central bank is leaving the interest rate between 5.25% and 5.5% for the rest of 2024. It also suggested that there could be a minimum of three rate cuts in 2024.
SoFi Technologies benefits from this news as high interest rates have been weighing on the economy. That’s despite the fact that banks often benefit from increased interest rates. However, the current rates are the highest in more than 22 years.
These high interest rates came about as the Fed sought to combat rising inflation following the Covid-19 pandemic. Inflation has finally started to cool down, which is why the Fed has been more willing to leave rates untouched while also considering rate cuts.
SOFI Stock Reactions Today
Investors in SOFI stock are celebrating the news with strong trading of the company’s shares. As of this writing, more than 30 million shares of the stock have changed hands. That’s quickly closing in on its daily average trading volume of about 36 million shares.
SOFI stock is up 8.4% as of Thursday morning and is up 116.3% since the start of the year.
Investors looking for more of the latest stock market stories are in the right place!
InvestorPlace is home to all of the hottest stock market news for Thursday! That includes everything happening with Opendoor Technologies (NASDAQ:OPEN) stock, Coinbase (NASDAQ:COIN) stock and Moderna (NASDAQ:MRNA) stock today. All of that info is ready to go at the links below!
More Thursday Stock Market News
- Opendoor (OPEN) Stock Jumps on Analyst Upgrade
- Cathie Wood Just Dumped $40 Million of Coinbase Global (COIN) Stock
- Why Is Moderna (MRNA) Stock Up 11% Today?
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.
