Mastercard (MA) shares plunged 5% in intraday trading on Thursday, as investors reacted to the escalating US-China trade tensions and news of the company's CFO returning to office after cancer treatment.
The credit card giant's stock decline comes as President Donald Trump increased tariffs on China to 125% from 104%, despite temporarily lowering tariffs on dozens of other countries. This move has reignited fears of a full-blown trade war between the world's two largest economies, potentially dampening consumer confidence and curbing credit card spending. Since Trump's initial tariff announcement on April 2, Mastercard's stock has fallen by 10.5%.
In corporate news, Mastercard announced that Chief Financial Officer Sachin Mehra has returned to the office earlier this month after completing treatment for non-Hodgkin lymphoma. Mehra, who is now in remission, shared the news with Mastercard employees. While his return signals stability in the company's leadership, it appears that broader economic concerns are overshadowing this positive development, contributing to the stock's significant drop today.
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