Toast, Shift4 lead drop in fintechs as investors exit stocks tied to consumer spending

A screen displays the company logo for Toast Inc. during the company’s initial public offering at the New York Stock Exchange in New York City on Sept. 22, 2021. Economic concerns are hitting the stock market broadly, but they're having an outsized impact on fintech companies that are tied closely to consumer spending and small and medium-sized businesses. While the Nasdaq fell 2.1% on Thursday, putting the tech-heavy index on pace for its worst week since September, shares of Shift4 , Toast and Bill.com suffered much steeper drops, losing 6.7%, 6.2% and 4%, respectively. President Donald Trump's disjointed rollout of his trade policy, most notably with threats on tariffs that change by the day, has rattled markets this month. On Thursday, Treasury Secretary Scott Bessent told CNBC's "Squawk on the Street" that the Trump administration is more focused on the long-term health of the economy, adding that he's "not concerned about a little bit of volatility over three weeks." Fintech ... Read full article.