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Wednesday, May 22, 2024

Stripe and PayPal halt payments for Trump’s campaign and supporters: CNBC After Hours

CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. In the wake of last week's deadly riots in the Capitol, CNBC's Kate Rooney explains how the backlash from payment processors like Stripe, PayPal, and Shopify could be more impactful for Trump than the ban from the social platforms. Also on today's show, CNBC.com finance editor Jeff Cox explains the rapid rise in interest rates so far this year, and why investors should be paying attention.

Stripe payment processor boots Trump campaign after Capitol riot

Stripe, which processes online payments for President Donald Trump's campaign, cut ties with him for violating its policies during last week's riot at the U.S. Capitol, the company said Sunday.

The San Francisco-based company said Trump encouraged violence Wednesday, when a mob of his supporters stormed the Capitol, in violation of user policies that prohibit "high risk" activities.

What rising rates could mean for the stock market

The quick move higher in bond yields is sending a warning about the stock market — especially growth stocks.

The benchmark 10-year Treasury has risen about 20 basis points since the start of the year — 1 basis point equals 0.01% — and was at 1.13% Monday. Still relatively low, the yield is at the highest it's been since last March, but in itself the yield is not a problem.

The move could be signaling a period of more volatility for the stock market and the potential for more pressure on FANG and the other growth names that helped take the stock market higher last year. Some strategists expect those Big Tech and growth stocks to slow their gains this year, as value and cyclical names move higher on prospects that vaccinations will lead to an improving economy.

CDC expands Covid vaccination guidelines to everyone 65 and older

The Trump administration on Tuesday issued new guidelines that expand coronavirus vaccine eligibility to everyone age 65 and older as well as to those with comorbid conditions, like diabetes.

The states' focus on vaccinating health-care workers and nursing homes has created a bottleneck, a senior administration official told CNBC, speaking on condition of anonymity in advance of the formal announcement.

"The states are being told immediately they need to expand to 65-plus as well as those under 65 with comorbid conditions," the official said.

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