Fintech stocks plummet as Wall Street worries about consumer spending, credit

In a rough day for tech stocks, fintech companies like Robinhood, Strategy, and Coinbase saw significant declines, largely due to the drop in bitcoin. Online lenders and payment companies, such as Affirm, SoFi, and Shopify, also fell as consumer confidence weakened, with the Conference Board reporting a sharp decline in confidence index. The sell-off in fintech follows a strong rally in the fourth quarter, driven by Fed rate cut expectations and hopes for favorable regulatory changes under the Trump administration, according to JPMorgan Chase analysts.

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