Credit card, payment firms slide as inflation heats up

Marqeta

13/10/2022 14:02

** Shares of major credit card cos and financial technology
firms slide premarket after hotter-than-expected inflation data
    ** Consumer price index (CPI) rose in Sept, reinforcing
expectations the Fed will hike rates by 75-basis points for 4th
straight time when they meet in Nov  urn:newsml:reuters.com:*:nL1N31C21B  .N 
    ** American Express Co's  AXP.N  stock off 4%, Visa Inc
 V.N  down 2% and Mastercard Inc  MA.N  down 1.5% before the
bell
    ** Fintechs drop: Block Inc  SQ.N  6%, PayPal Holdings Incs
 PYPL.O  4%, Affirm Holdings  AFRM.O  ~7%
    ** SoFi Technologies  SOFI.O  off ~4% and Upstart Holdings
 UPST.O  down ~6%
    ** Fed officials agreed they needed to raise interest rates
to more restrictive level - and maintain them there for some
time - to help battle inflation, according to readout of last
month's policy meeting  urn:newsml:reuters.com:*:nL1N31D1ZA FED/ 
 (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))