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Why Shares of Mastercard, Paypal, and StoneCo Are Falling Today
Shares of several large payments stocks took a hit Thursday as the broader stock market sold off following the Federal Reserve’s interest rate hike and as investors grew more concerned about the macroeconomic outlook. Shares of Mastercard (NYSE: MA) traded almost 5% lower as of 1:10 p.m. ET, shares of Paypal (NASDAQ: PYPL) had fallen by around 5.5%, and shares of Brazilian fintech StoneCo (NASDAQ: STNE) were down more than 8%. On Wednesday, the Fed hiked its benchmark overnight lending rate, the federal funds rate, by 75 basis points — the largest such move the agency has made at a single meeting since 1994.
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