New York, January 22, 2026, 11:59 EST — Regular session
- Mastercard shares dipped roughly 0.5% by midday, underperforming the wider market.
- Political chatter on credit-card rates and the ongoing battle over swipe fees remained front and center.
- Investors are eyeing Mastercard’s Jan. 29 earnings for insight into spending patterns and cross-border activity.
Shares of Mastercard Inc dipped roughly 0.5% to $525.03 by midday Thursday, as investors digested renewed Washington scrutiny on credit-card business models ahead of the company’s quarterly earnings next week.
The pullback happened even as U.S. stocks climbed, with the payments network trailing behind a market that’s swift to penalize anything hinting at fee or rate risk.
President Donald Trump said Wednesday he’s spoken to credit-card companies and pushed them to “give people a break,” reinforcing his plan to cap credit-card interest rates at 10% for one year. (Reuters)
Banks, which control card interest rates, would bear the brunt of any cap, but the talk has rattled stocks tied to cards. JPMorgan Chase CEO Jamie Dimon slammed the proposal as an “economic disaster,” warning it would “remove credit from 80% of Americans.” Brian Jacobsen, chief economic strategist at Annex Wealth Management, called the congressional push for a near-term cap “highly unlikely.” (Reuters)
Merchants and card networks remain at odds over swipe fees—the charges merchants incur when customers pay by credit card. Lawyers representing merchants suing Visa and Mastercard supported a proposed settlement that would allow merchants greater freedom to add surcharges. Yet, merchant groups pushed back, labeling the plan “wrong from the start,” according to Payments Dive, which quoted Doug Kantor of the National Association of Convenience Stores. (Payments Dive)
Visa shares barely moved, while American Express climbed over 2%, widening the gap in an uneven day for payments and card-related stocks.
Mastercard has kept up its momentum in product development and partnerships. On Thursday, it unveiled an “Inclusion Hub” initiative in Australia focused on practical accessibility steps for businesses. The rollout includes a trial connected to the Australian Open, according to a company release. (Mastercard)
Traders usually dismiss these headlines as background noise unless they hint at immediate shifts in volume, pricing, or regulations. For Mastercard, the focus remains on its results and what they reveal about consumer spending, cross-border travel, and growth in value-added services.
Mastercard will report its fourth-quarter and full-year 2025 earnings on January 29. The company plans to hold a conference call at 9:00 a.m. Eastern, according to its announcement. (Mastercard Investor Relations)
But there are risks in play. A tougher stance on rate caps turning into a legislative battle, or intensified fee disputes squeezing card economics, could swiftly send the sector’s valuation lower. Add a weakening spending environment, and any hint from management about slower growth through 2026 could weigh heavily as well.
Investors will also be paying close attention to Visa’s earnings call later today, a key short-term trigger for the entire card network sector, following Mastercard’s report. (Visa)
