Fintech Challenges Ahead! What Caused Square to Sell Off Before Earnings? #SQ
Join Irk as he goes over #fintech's selloff, why he thinks #Block (#SQ), the company formerly known as #Square, may still be an excellent long-term #investment, and discusses the challenges facing the #stock in the short term.
Visit my YouTube channel for more #investing and #stock videos: https://lnkd.in/gWiseu7j
Block and the rest of the fintech providers got hit pretty hard last week when a European provider came out and said that consumers were spending significantly less, even though Block hasn't reported its quarterly report. This made investors and traders a little bit nervous and sold off Block pretty substantially. Block got its start providing small businesses with the ability to take credit cards, but it has since expanded dramatically and it's Square Cash app is hugely popular with both Gen. Z and millennials, however, between extremely high interest rates. And the fact that student loans have come back on this particular cohort is going to be spending less, which means the fintech will see pressure going forward. However, after the sell off block is near its pandemic bottom and it's significantly off of its high near $300.00, floating right around $40 as of the recording of this video, The wind block did sell off this week. I decided it was time to add more to my position.
