Affirm, Block stocks drop after details on Apple's BNPL emerge; fintechs slide
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Affirm Holdings (NASDAQ:AFRM) shares slide 8.1% and Block (NYSE:SQ) shares drop 7.3% in Thursday afternoon trading after details emerged late Wednesday that Apple (AAPL) will handle lending itself for its new "Buy Now, Pay Later" products.

PayPal (NASDAQ:PYPL), which also offers BNPL plans, didn't fall as much, with its shares down 1.2%.
Overall, fintech stocks weakened as investors shun riskier assets. SoFi Technologies (NASDAQ:SOFI) stock dives 6.8%, NerdWallet (NASDAQ:NRDS) -7.5%, Lightspeed Commerce (NYSE:LSPD) -3.8%, Upstart Holdings (NASDAQ:UPST) -8.8%, Blend Labs (NYSE:BLND) -6.4%, and Dave Inc. (NASDAQ:DAVE) -7.5%.
On Wednesday, Wedbush initiated coverage of Affirm (AFRM) with an Underperform rating. In mid-May, though, SA's Quant rating switched from Strong Sell to Hold.