PayPal Holdings IncAdvent and Stripe withdrew from acquisition talks valued at $50 billion, causing shares to plunge over 12%.
U.S. stocks closed lower on Friday, with the Dow Jones Industrial Average falling 9.45 points, or 0.02%, to 53,559.99, while the S&P 500 declined 0.25% and the Nasdaq fell 0.52%. This followed a speech by Federal Reserve Chair Kevin Warsh at Jackson Hole, where he reiterated the 2% inflation target and signaled a tightening of monetary policy. As a result, traders increased the probability of a September rate hike to 57.5% from 35.4%. Meanwhile, PayPal shares plunged over 12% after reports that Advent and Stripe had withdrawn from acquisition talks valued at $50 billion. European markets closed higher, with the STOXX 600 gaining 0.51%. WTI crude oil fell 0.16% to settle at $83.40 per barrel.
PayPal Holdings IncAdvent and Stripe withdrew from acquisition talks valued at $50 billion, causing shares to plunge over 12%.
Fed signals tightening, increasing probability of September rate hike to 57.5%.
Fed signals tightening, likely pushing yields higher.
Advent withdrew from acquisition talks with PayPal, but impact on Advent itself is unclear.
Stripe withdrew from acquisition talks with PayPal, but impact on Stripe itself is unclear.