BUZZ-Payment, fintech stocks sag after hot inflation report

Reuters04-10

** 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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