** Shares of payment, consumer-facing firms fall premarket after inflation data came in higher than expected
** Consumer price index $(CPI.UK)$ 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 1.7%, Visa Inc 1% and Mastercard Inc
0.9%
** Fintechs drop: Block Inc 3.6%, PayPal Holdings Inc
2.6%, Affirm Holdings ~6%
** SoFi Technologies down 3%, Upstart Holdings
off >5%% and Marqeta down 3.5%
** Consumer lending firm Ally Financial losing ~3% premarket
** Equity futures signaling Wall Street set for steep losses on Weds as inflation reading pushes benchmark 10-year yield
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))
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