US Banking Stocks Plummet After Trump's Call for Credit-Card Interest Rate Cap

US banking stocks plummeted in premarket trading after President Trump called for credit-card interest rates to be capped at 10% for one year. Capital One, Citigroup, JPMorgan Chase, and Bank of America fell, while payment companies Visa, Mastercard, American Express, and Wells Fargo also declined. Analysts fear a tightening of credit supply if bank margins are squeezed, particularly for low-income consumers. In contrast, shares in the "buy now, pay later" sector rose, anticipating increased demand for these alternatives to traditional credit.