Why Are Block, PayPal, and StoneCo Plunging?

The stock market was having a terrible day on Thursday, with the Dow Jones Industrial Average plunging by more than 1,100 points at 12:30 p.m. ET and the tech-heavy Nasdaq Composite on pace for its worst day of the year so far, down by about 5%.

However, payment processing stocks were some of the market's worst performers. Fintech giant Block (NYSE: SQ) had fallen by more than 10%, online payments giant PayPal Holdings (NASDAQ: PYPL) had declined by 7.5%, and Brazilian payments company StoneCo (NASDAQ: STNE) was down by nearly 10% as of the same time.

Image source: Getty Images.

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Source Fool.com