Fintech companies and credit card issuers were hit in the global market rout on Thursday, triggered by President Trump's tariff announcement, according to CNBC. Affirm, Robinhood, PayPal, American Express, Capital One, and Discover experienced significant declines following the market rout. Trump's announcement of a "reciprocal tariff" sent stocks plummeting, severely affecting companies reliant on consumer spending and global supply chains. Affirm has previously stated that rising prices might boost demand for its services. For more coverage on tariffs and how they impact your portfolio, visit benzinga.com.
