US Financial Stocks Slide After Trump Urges 10% Credit Card Rate Cap

U.S. financial stocks fell sharply in premarket trading on Monday after former President Donald Trump renewed his call for a one‑year cap on credit card interest rates at 10%, a proposal that rattled banks and lenders by threatening a significant source of revenue. Trump said the cap should take effect on January 20, but he provided few details on how it would be implemented or enforced, raising questions about its legal authority and feasibility. The stocks of major banks and financial firms dropped as investors weighed the potential impact. Shares of JPMorgan Chase and Bank of America fell 3.2% and 2.5%, respectively, while Citigroup slid 3.6% and Wells Fargo declined 2.2%. American Express, Visa, and Mastercard also saw declines, as did consumer finance companies like Synchrony Financial and Capital One, which experienced even steeper losses. Analysts noted that imposing such a rate cap would likely require congressional approval and could reduce credit access, with some saying it might push consumers toward more expensive or alternative lending channels. #CreditCardRateCap #TrumpEconomicPolicy #BankStocks #FinancialMarkets #SlimScan #GrowthStocks #CANSLIM