SoFi Technologies Inc. SOFI shares are trading higher Friday amid the heels of strong September unemployment figures and robust Nonfarm Payrolls data. The unemployment rate came in lower than expected, signaling steady job growth.
What To Know: The tentative resolution of the dockworkers’ strike is easing concerns about potential supply chain issues. The dockworkers reached an agreement to suspend their strike, which had entered its third day, causing uncertainty about potential economic ramifications.
The strike’s resolution reduces fears of extended disruptions in critical goods like food, beverages and raw materials, which could have significantly impacted the economy.
SoFi, known for its diversified suite of financial products, including personal loans, refinancing and its digital banking services, is well-positioned to benefit from the current market optimism. With economic conditions stabilizing, the financial services sector and companies like SoFi, could see increased consumer activity and improved lending environments.
SOFI Price Action: Sofi shares were up by 5.81% at $8.28 at the time of writing, according to Benzinga Pro.
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