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Processing Names Lead as Issuing Banks Slip · Week ending 2026-10-23
Payments stocks diverged from a softer broad market this week. The Nasdaq fell 0.71 percent, while processing and infrastructure led TPC's universe with an equal-weight gain of 3.53 percent and Pagaya Technologies rose 10.77 percent, the largest gain in TPC's universe. Most issuing banks finished lower after their third-quarter reports, and International Money Express fell 9.71 percent, the week's steepest decline. The 10-year Treasury yield fell 13 basis points to 4.96 percent between the October 16 and October 22 closes.
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