PayPal, Block plunge as U.S. consumer confidence sinks

Portsmouth Square

26/07/2022 18:48

** Shares of digital payments companies PayPal Holdings Inc
 PYPL.O  and Block Inc  SQ.N  down 4.8% and 6.9%, respectively
    ** PYPL stock sees biggest intraday pct loss in one month,
while SQ set for worst day since mid-June
    ** Survey from the Conference Board shows U.S. consumer
confidence dropped to nearly a 1-1/2-year low in July due to
inflation worries  urn:newsml:reuters.com:*:nL1N2Z71AO
    ** Walmart's  WMT.N  profit warning has also triggered a
sell-off in U.S. stocks, amid fears that discretionary spending
might be slowing down
    ** A slump in e-commerce activity, which is a big growth
engine for PYPL and SQ, could also hurt transaction vols at the
companies 
    ** YTD, both PYPL and SQ's stocks have lost 59% each

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