Stock Market Today: Nasdaq Closes in Correction Territory; Alphabet Stock Slides After Earnings
The fintech contagion spread across the ocean on Wednesday following a dramatic repricing in the European sector. Shares of buy-now-pay-later company Affirm dropped 15%. Payments company Block fell 8%. And PayPal Holdings retreated by nearly 5%. These sell-offs were on the heels of a [warning from
Fintech's contagion spread to the rest of the world on Wednesday, following a drastic price increase in the European fintech sector.
Affirm, a company that allows customers to pay now and then later, saw its shares drop by 15%. Block, a payments company, fell by 8%. PayPal Holdings fell by almost 5%.
The sell-offs followed a warning by a European payment company about economic slowdowns on Germany and other key markets.