Visa is being targeted by the Department of Justice

Transcript:

Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re taking a look at on TheStreet as of late.

There have been stock market jitters Tuesday on the other hand the Dow and the S&P five hundred still squeezed out record closes. Consumer self belief surprisingly fell in September by the largest amount in three years. The Conference Board blamed the erosion on a softening jobs market.

Coming up on the calendar for Wednesday: New home sales, a weekly update on mortgage rates and applications, and quarterly results from Micron Technology.

Related: Mastercard, Visa put off typing credit card numbers

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Turning to the day’s other headlines: The Justice Department is suing Visa, accusing the payment processing company of in the hunt for to run a monopoly on this planet of debit card transactions.

Per the lawsuit, Visa tried to strong-arm merchants into best using its debit card processing network and penalized individuals who wouldn’t agree through a fee payment structure. And the anti-competitive allegations don’t stop there. It truly is miles alleged that Visa paid PayPal, Apple, and fintech startup Block hundreds of millions of bucks through agreements that blocked the potential rivals from developing competing products.

Attorney General Merrick Garland said “Visa’s unlawful conduct affects now not only the worth of 1 thing, on the other hand the worth of nearly the entirety.”

Visa has been less than the watchful eyes of regulators and watchdogs for some time. The DOJ started investigating Visa’s business practices back in 2021. A year before that, it sued to dam Visa’s $5.three billion acquisition of Plaid, a fintech startup. And earlier this year, a federal judge knocked down a $30 billion settlement over the prices Visa - and its rival MasterCard - charge.

Visa takes in $7 billion in fees each and once a year, in accordance with the Justice Department.

That’ll do it for your On every day basis Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.