Stock Track | SoFi Soars 7% as Lending Outlook Brightens, Trump Policy Hopes Emerge

Stock Track11-11

SoFi Technologies Inc. shares surged over 7% on Sunday, building on a strong rally from the previous trading session as investor optimism grew around the fintech lender's growth prospects.

The stock jumped on Friday after quarterly results from rival personal lender Upstart Holdings showed robust demand in the lending market, fueling expectations that SoFi could also benefit from rising loan originations. Upstart's blowout earnings signaled that overall conditions in the consumer lending space are improving, potentially leading to higher demand for SoFi's personal loan and student loan refinancing products.

Adding to the bullish sentiment, traders are also betting that policies from President-elect Donald Trump could open up new opportunities for private student lenders like SoFi. Trump has previously voiced a desire to abolish or restructure the U.S. Department of Education, which if enacted could reduce the federal government's dominant role in the student loan market and allow companies like SoFi to capture a larger share.

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