US payments companies decline after weak data revives recession concerns
Updates
** Shares of U.S. payments companies drop as recession fears worsen post-earnings jitters
** Credit card lender American Express AXP.N falls ~1%, while peer Capital One COF.N slips 3.2%
** Payments processors Visa V.N, Mastercard MA.N and Discover Financial DFS.N drop 2.1%, 2.2% and 3.3%, respectively
** Financial technology firms PayPal PYPL.O, Block SQ.N and Affirm AFRM.O slip 2.2%, 3.2% and 3.7%, respectively
** Weak jobs report and poor manufacturing activity data last week fueled fears the U.S. Federal Reserve may be behind the curve in lowering interest rates
** Investors have been worried about sector, with latest earnings reports reflecting slowdown in consumer spending and erosion of low-income households' purchasing power
** Wall Street's main indexes also down .N
Reporting by Niket Nishant in Bengaluru
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