AFRM - Payment tech stocks climb as consumer spending stays strong

valentinrussanov/E+ via Getty Images Credit card networks and payment technology stocks provide some relief from the sea of red in financial stocks today. With consumer spending expected to remain strong, payment-processing stocks stand to benefit. Recall that consumers in June expect mean household spending to rise to 5.2%, a new series high, in yesterday's Survey of Consumer Expectations issued by the New York Fed. And more and more, spending is occurring through credit and debit cards or e-wallets, rather than cash. ARK Fintech Innovation ETF (ARKF) rises 0.6% and Global X Fintech Thematic ETF (FINX) is up 0.5%. Mastercard (MA), which is teaming up with Verizon to apply 5G to payment systems, rises 2.8% and rival Visa (V) gains 1.7%. Fintechs and payment processing stocks are also climbing, with PayPal Holdings (PYPL) up 1.2%, Fidelity National Information (FIS) up 1.6%, Fiserv (FISV) +1.5%, Global Payments (GPN) up 1.1%, and Square

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Payment tech stocks climb as consumer spending stays strong