HOOD - 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 (NYSE:MA) sank 5.4%, Visa (NYSE:V) slipped 2.6%, American Express (NYSE:AXP) dipped 1.5% in Monday trading. DLocal (NASDAQ:DLO), which went public through an IPO in June, dropped 13%, and Blend Labs (NYSE:BLND), which started trading in July after its IPO slid 6.7%, reaching a post-IPO low. Fintechs, too, weren't spared, with Square (NYSE:SQ) falling 6.1%, Robinhood Markets (NASDAQ:HOOD) off 4.0%, and PayPal 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-USD), since all three have businesses

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Payment stocks slump amid COVID worries, regulatory outlook