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Payment stocks slump amid COVID worries, regulatory outlook

Payment stocks are taking a hit from renewed COVID fears and due to possible regulatory changes after Jerome Powell is nominated for a second term, Mizuho analyst Dan Dolev said.
"It's kind of like a perfect storm for some of these [payment] names," he told Bloomberg News in an interview.
The Bloomberg Digital Payments Index dropped as much as 2.7% to its lowest level since December. $MasterCard(MA.US)$ sank 5.4%, $Visa(V.US)$ slipped 2.6%, $American Express(AXP.US)$ dipped 1.5% in Monday trading.
$DLocal(DLO.US)$, which went public through an IPO in June, dropped 13%, and $Blend Labs(BLND.US)$, which started trading in July after its IPO slid 6.7%, reaching a post-IPO low.
Fintechs, too, weren't spared, with $Block(SQ.US)$ falling 6.1%, $Robinhood(HOOD.US)$ off 4.0%, and $PayPal(PYPL.US)$ down 2.1%. PyPal hit a 52-week low earlier in the session. Those could also be hurt by the 6.3% drop in $Bitcoin(BTC.CC)$, since all three have businesses that generate revenue from the world's largest cryptocurrency.
Payment stocks slump amid COVID worries, regulatory outlook
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