Affirm Holdings stock joins fintech dip, breaking six-session rally
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Affirm Holdings (NASDAQ:AFRM) stock sank 10% on Friday, snapping a six-day rally that drove the stock up 43%, and tracking weakness in fintech shares along with tech stocks more broadly.
Of S&P 500 industry sectors, Information Technology dropped 1.4% as Snap (SNAP) posted a "remarkably disappointing" Q2. The only sector to do worse was Communications Services, down 4.3%, dragged down as Verizon (VZ) slashed its outlook. Financials slipped by a lesser degree, dipping 0.6%.

That tech weakness washed onto the fintech sector, pulling the Global X FinTech Thematic ETF (NASDAQ:FINX) down 2.1%, breaking its five-day upswing.
Affirm (AFRM), closing at $26.77 on Friday, is well below its all-time high of $176.65, and close to double its 52-week low of $13.67.
Other fintech action: PayPal (NASDAQ:PYPL) dropped 2.1%, Block (NYSE:SQ), slid 4.0%, Upstart (NASDAQ:UPST) fell 8.5%, Robinhood Markets (NASDAQ:HOOD) -3.5%, and SoFi Technologies -6.0%.
SA contributor Juxtaposed Ideas says to sell Affirm (AFRM) now, citing its $1.4B of cash burn. By contrast, the SA Quant rating switched to Hold from Sell earlier this month.