New York, June 7, 2026, 10:06 (EDT)
- SoFi shares ended at $16.03 on Friday, falling $1.11, as growth and tech stocks took a hit.
- Nasdaq doesn’t hold regular trading sessions on weekends. The market opens again for normal trading Monday at 9:30 a.m. ET.
- SoFi’s AI financial-coaching launch, SoFiUSD stablecoin plans, and the upcoming U.S. May inflation report Wednesday are on investors’ radar as the week gets underway.
SoFi Technologies stock starts Monday looking weak. The online lender finished at $16.03 on Friday, down about 12% from $18.22 a week earlier, per SoFi’s investor-relations site and market prices.
That’s key now with the selloff happening as SoFi was rolling out new products, hoping to give its growth a boost. Investors didn’t wait around. A strong U.S. jobs number sent traders back to an old concern for high-growth financial stocks: rates could stay higher, so the multiple on future earnings could take a hit.
Nasdaq dropped 4.18% Friday, while the S&P 500 slid 2.64%. U.S. payrolls climbed by 172,000 in May, topping what analysts Reuters spoke to had forecast. Investors worry higher rates could cut “valuation multiples”—how much they’re willing to pay for future profits. The risk is bigger for companies where growth is expected down the line. Reuters
“After the record run we’ve seen,” the market’s “dam just broke,” Ryan Detrick, chief market strategist at Carson Group, said to Reuters on Friday after stocks dropped. Ohsung Kwon, chief equity strategist at Wells Fargo, called the move “more driven by positioning rather than fundamentals,” saying crowded trades can reverse quickly even if there’s little company news. Reuters
SoFi (SOFI) had some news of its own Tuesday. The company rolled out SoFi Coach, an AI chat feature offering personalized money advice inside the app. Access will start with SoFi Plus members. CEO Anthony Noto said a lot of people don’t get the info they need to “spend less than you make and invest the rest.” Brian Walsh, SoFi’s head of advice and planning, said basic financial help “shouldn’t be a luxury.” Business Wire
SoFiUSD stayed in focus this week, as interest in the stablecoin continued. SoFi says its members are able to buy, sell, hold, and convert SoFiUSD in its app. CEO Anthony Noto called it a product that aims to bring the “speed and versatility” of blockchain with the “trust of a bank.” Business Wire
Retail trading and crypto names moved lower. Robinhood lost $5.86 to close at $82.47, and Coinbase was down $11.69 at $152.40. Reuters reported that both Coinbase and Strategy slid as bitcoin prices fell.
SoFi’s first-quarter results gave bulls something to hold onto. Adjusted net revenue was $1.1 billion, a 41% jump. Adjusted EBITDA hit $340 million, up 62%. The company also posted record total loan originations of $12.2 billion and members climbed 35% to 14.7 million.
There were cracks. SoFi’s tech-platform revenue dropped 27% from a year ago to $75.1 million after losing a big client, with enabled accounts down 16% to 133 million. That hands bears an argument: lending and consumer are showing gains, but other parts of the platform aren’t moving with them.
But there are catches around credit, regulation, and execution. Higher rates could hit loan demand and credit quality. If SoFiUSD adoption lags, the stablecoin story gets weaker. SoFi itself says SoFi Coach isn’t financial advice, could be wrong, and may steer users to products that bring SoFi revenue. Digital assets aren’t FDIC insured, have no bank guarantee, and could lose value.
The next big test for markets lands Wednesday, when the Bureau of Labor Statistics is set to post May CPI numbers at 8:30 a.m. ET. A stronger print could make Friday’s rate worries stick.
Focus moves next to SoFi’s app and its shareholder schedule. The company said the 2026 annual meeting is set for June 17 at 10 a.m. ET, and will be virtual. It includes a Q&A session, where investors can ask about credit, digital assets, and how product launches tie into earnings.
