The US Markets continued their slide to start of 2022 with all the three major indexes falling for a third consecutive week.
The S&P 500 index and Nasdaq Composite Index wrapped up their worst weeks since March 2020; the Nasdaq has fallen for four weeks in a row. On the other hand, the Dow Jones Industrial Average finished its worst weekly performance since October 2020.
Stay-at home stocks are under pressure with Netflix shares tumbling by 22% on Friday after the streaming giant said it expected a slowdown in subscriber growth. Peloton rose 12%, after the sliding by nearly 24% on Thursday on reports that the connected-fitness company was halting production. Its CEO pushed back against the claims.
SoFi joins the meme-party
Sofi Technologies ($SOFI) has gained by 25% since Wednesday as traders were buzzing after the news that regulators approved its pending acquisition of Golden Pacific Bancorp which will enable the Fintech to officially become a bank-holding company.
SoFi is a U.S. online personal finance company that based in San Francisco. The company provides financial products that include borrowing, saving, spending, investing, and protecting to its nearly 3million members with fast access to tools to get their money right.
