Why SoFi Stock Is Down 9%

SoFi Technologies Inc SOFI shares are trading lower by 9.20% to $5.53 Friday morning. Shares of several banking and broader financial stocks are trading lower amid concerns over rising rates.

Also, downward momentum in SVB Financial Group following news of its plans to raise capital is weighing on the overall sector.

SVB Financial Group was also halted during pre-market trading Friday at around 8:41am ET for code news pending. Amid the trading halt, CNBC's David Faber is now reporting the company's proposed capital raise has failed, with CNBC reporting SVB Financial is in talks to sell itself.

The shocking downfall of SVB Financial Group has stolen the spotlight in the banking sector this week, but the banking industry's woes may be much more serious than SVB's downfall...Read More

According to data from Benzinga Pro, SoFi has a 52-week high of $10.57 and a 52-week low of $4.24.