US Bank and Financial Services Stocks Slide Ahead of Monday’s Wall Street Session on Trump Credit Card Rate Proposal
Shares of US banks and financial services companies fell in premarket trading ahead of Monday’s Wall Street session, following a proposal by President Donald Trump regarding credit card interest rates.
Trump suggested imposing a 10% cap on credit card interest rates for one year, without providing clarity on how such a measure would be implemented, raising concerns among investors about potential impacts on profitability across the banking and payments sectors.
As a result, Citigroup shares dropped 4%, while JPMorgan Chase fell 2.9% and Bank of America declined 2.4%. In the payments sector, Visa shares slipped around 2%, and Mastercard fell by more than 2%, amid broad-based selling pressure.
