Fintech stocks plummet as Wall Street worries about consumer spending, credit

People wait in line for T-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after the company went public with an initial public offering earlier in the day on July 29, 2021 in New York City. It was a bad day for tech stocks, and a brutal one for fintech. As the Nasdaq suffered its steepest decline since 2022, some of the biggest losers were companies that sit at the intersection of Wall Street and Silicon Valley. Stock trading app Robinhood tumbled 20%, bitcoin holder Strategy fell 17% and crypto exchange Coinbase lost 18%. Much of the slide in those three stocks was tied to the drop in bitcoin , which fell almost 5%, continuing its downward trajectory. The price of the leading cryptocurrency is now down 19% over the past month, falling after a big postelection pop in late 2024. Beyond the crypto trade, online lenders and payments companies also fell more than the broader market. Affirm , which popularized buy now, pay later loans, dropped 11%, as did S ... Read full article.