US payments companies decline after weak data revives recession concerns
** Shares of U.S. payments companies drop as recession fears worsen post-earnings jitters
** Credit card lenders American Express AXP.N and Capital One COF.N fall 1.7% and 2.2%, respectively
** Payments processors Mastercard MA.N, Visa V.N and Discover Financial DFS.N drop between 1.3% and 2.2%
** Financial technology firms PayPal PYPL.O, Block SQ.N and Affirm AFRM.O also slip between 5.2% and 10.9%
** A weak jobs report and poor manufacturing activity data last week fueled fears that the Federal Reserve may be behind the curve in lowering interest rates
** Investors were already worried about the sector after latest earnings reports showed a slowdown in consumer spending and erosion of low-income households' purchasing power
** Meanwhile, U.S. stock index futures also tumbled on Monday .N
Reporting by Niket Nishant in Bengaluru
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