Payment, fintech stocks sag after hot inflation report

Marqeta

10/04/2024 14:25

** Shares of payment, consumer-facing firms fall premarket
after inflation data came in higher than expected
    ** Consumer price index (CPI) increased 3.5% in past 12
months through March, raising further doubts the Fed will begin
cutting interest rates in June
    ** Major credit card cos down before the bell: American
Express Co  AXP.N  1.7%, Visa Inc  V.N  1% and Mastercard Inc
 MA.N  0.9%
    ** Fintechs drop: Block Inc  SQ.N  3.6%, PayPal Holdings Inc
 PYPL.O  2.6%, Affirm Holdings  AFRM.O  ~6%
    ** SoFi Technologies  SOFI.O  down 3%, Upstart Holdings
 UPST.O  off >5% and Marqeta  MQ.O  down 3.5%
    ** Consumer lending firm Ally Financial  ALLY.N  losing ~3%
premarket
    ** Equity futures signaling Wall Street set for steep losses
on Weds as inflation reading pushes benchmark 10-year yield
 US10YT=RR  to about 4.5%

 (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))