Affirm down 5% after Apple launches Pay Later offering in U.S.

Shares of Affirm (AFRM) are down 5% to $9.68 in midday trading after Apple (AAPL) launched its previously announced Apple Pay Later offering in the U.S. "Users can easily track, manage, and repay their Apple Pay Later loans in Apple Wallet. Users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay. Starting Tuesday, Apple will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months," the tech giant reported.