US payment stocks rally after data shows easing inflation

Marqeta

14/11/2023 15:50

** Shares of U.S. payment stocks climb after
cooler-than-expected inflation data, with buy now, pay later
company (BNPL) Affirm Holdings  AFRM.O  surging ~12%
    ** Peer Upstart  UPST.O  also jumps 10%, while PayPal
Holdings  PYPL.O  and Block  SQ.N  climb over 4% each
    ** SoFi Technologies  SOFI.O  and Marqeta  MQ.O  climb 4%
and 6%, respectively
    ** Data released on Tuesday showed that in the 12 months
through October, the consumer price index climbed 3.2%, less
than the 3.3% economists polled by Reuters had forecast 
    ** That lifted sentiment across markets, boosting hopes that
the Federal Reserve could be done with its interest rate hiking
cycle
    ** YTD as of last close, highly-shorted AFRM and UPST have
gained 137% and 65% respectively, while their larger peers PYPL
and SQ having lost nearly a fifth of their market value

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))