Fintech stocks Upstart, Affirm, Block hit hard in market rout as persistent inflation continues

Financial-technology stocks are among the biggest losers in the tech sector Tuesday after the August consumer-price index showed a surprise monthly increase, even as the year-over-year growth rate dropped to 8.3% from 8.5%. Shares of artificial-intelligence lending company Upstart Holdings Inc. UPST, -10.85% are off 9.3% in Tuesday morning trading, while shares of buy-now-pay-later operator Affirm Holdings Inc. AFRM, -9.71% are down 8.9%. Shares of cryptocurrency exchange Coinbase Global Inc. COIN, -8.84% are down 7.3% Tuesday, and shares of Square-parent Block Inc. SQ, -7.53% are off 7.0%. Shares of more established payment-technology names were seeing smaller losses Tuesday, with Visa Inc.’s stock V, -3.37% off 2.4%, Mastercard Inc.’s stock MA, -3.84% off 2.8%, and PayPal Holdings Inc.’s stock PYPL, -2.70% down 2.0%. The Global X Fintech ETF FINX, -4.97% is off 4.1% Tuesday morning.