Fintech stocks such as Affirm, PayPal plunge on concern Trump tariffs will hurt consumer spending

The floor of the New York Stock Exchange on Feb. 13, 2025. The global market rout on Thursday, sparked by President Donald Trump's announcement of widespread tariffs, had an outsized effect on fintech companies and credit card issuers that are closely tied to consumer spending and credit. Affirm , which offers buy now, pay later purchasing options, plunged 19%, while stock trading app Robinhood slid 10% and payments company PayPal fell 8%. American Express and Capital One each tumbled 10%, and Discover was down more than 8%. President Trump on Wednesday laid out the U.S. "reciprocal tariff" rates that more than 180 countries and territories, including European Union members, will face under his sweeping new trade policy. Trump said his plan will set a 10% baseline tariff across the board, but that number is much higher for some countries. The announcement sent stocks reeling, wiping out nearly $2 trillion in value from the S&P 500 , and pushing the tech-heavy Nasdaq down 6%, its wo ... Read full article.