Trump's Credit Card Cap Threatens US Banking Stocks, Dow Futures Plunge

• US banking and financial services stocks fell in pre-market trading after Donald Trump proposed a 10% cap on credit card interest rates.
• Major banks like Citi Group, Bank of America, and JPMorgan saw declines of 2.5% to 4%.
• Credit card operators Visa and Mastercard also experienced drops of 1.5% to 2.5%.
• Trump announced the proposed cap, effective January 20, 2026, via Truth Social, reiterating a 2024 campaign pledge.
• Concerns over the US Federal Reserve's independence, following criminal indictment subpoenas from the DOJ, also weighed on Wall Street futures.

Why It Matters: Trump's proposed credit card interest rate cap and Fed independence concerns hit US banking stocks hard.