Credit card, fintechs rally as inflation cools

Marqeta

10/11/2022 13:58

** Major credit card and financial technology stocks surge
premarket after cooler-than-expected inflation data
    ** Consumer price index (CPI) advanced 7.7% in past 12
months through Oct, spurring hopes the Fed might scale down size
of future rate hikes
    ** American Express Co's  AXP.N  stock up 3.5%, Visa Inc
 V.N  up 3.8% and Mastercard Inc  MA.N  rising 3.4% before the
bell
    ** Fintechs gain: Block Inc  SQ.N  9.1%, PayPal Holdings Inc
 PYPL.O  6.0%, Affirm Holdings  AFRM.O  12.0%
    ** SoFi Technologies  SOFI.O  rises 4.6%, Upstart Holdings
 UPST.O  gains 6.7%
    ** Last week, the Fed hiked rates by 75 bps for the 4th
straight time, with chair Powell saying rates would be higher
for longer to help tame inflation
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))