SoFi Technologies Inc. is trading 4.5% down at $16.38 as investors rotate out of growth and risk assets following weaker labor data and rising interest rate concerns.
- The drop tracks a sharp slide in major cryptocurrencies like Bitcoin and Ethereum, which is pressuring fintech and crypto-exposed names.
- Broader technology weakness is weighing on the stock, with the Nasdaq down nearly 1.8% despite no new company-specific news for SoFi this morning.