Fintech’s relief rally is already losing steam. Shares of Affirm, PayPal, and other consumer-facing fintech firms turned lower Thursday, giving back gains from Wednesday’s sharp bounce. That surge followed President Donald Trump’s announcement of a 90-day pause on sweeping tariff hikes, which briefly eased concerns over rising costs and broader macro pressures.
While duties on Chinese goods were simultaneously raised to 145%, markets viewed the broader delay as a potential softening in Washington’s more disruptive trade stance — at least for now.
Affirm Holdings Inc (NASDAQ:AFRM) has been especially volatile, down 34.1% year to date despite leading Wednesday’s fintech rebound. The “buy now, pay later” stock jumped 21.5% following Trump’s tariff announcement, with gains amplified by a bullish Evercore ISI initiation at “outperform” and a $50 price target — well above recent lows near $31. However, the momentum quickly faded, with shares last seen down 10.9% at $39.47 on Thursday.
PayPal Holdings Inc (NASDAQ:PYPL) is also slipping this afternoon, down 6.6% at $59.74 — giving back much of Wednesday’s 11.4% rally. The stock is pacing for its fourth loss in six sessions, and down 30.4% in 2025, with recent pressure from its 20-day moving average capping upside.
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