While most tech segments have rallied strongly on the momentum of hot AI players, fintech stocks have lagged. Among them are payment firms, “Buy Now Pay Later” (BNPL) companies, challenger digital banks and wannabe credit card disruptors.
The US stocks barometer S&P 500 Index raced past the 5,600 mark this past week as Wall Street’s bull run gathered momentum. On July 10, the Index was up 18.8% year-to-date and just over 60%, including dividends, since it bottomed in late October 2022.
Tech-heavy Nasdaq Composite Index has had an even better run. Powered by Nvidia, Microsoft, Amazon and Google’s owner Alphabet, the tech barometer is up 27%, including dividends, this year and over 81% since its bottom just 18 months ago. Market gains like that are spectacular by any yardstick and have left many a naysayer completely flummoxed.
