Financial Stocks Weighing on Broader Markets

Financial stocks were sharply lower Tuesday, with the NYSE Financial Sector Index sinking about 1.6% and financial companies in the S&P 500 Index also dropping about 1.6%.

In company news, Payment Data Systems (PYDS) was little changed in recent trade, starting to again retrace earlier declines that followed the Nasdaq stock exchange late last week warning the electronic payments processor it was at risk of having its stock delisted after the lone financial professional on its five-member board of directors stepped down earlier this month.

Nasdaq rules require publicly listed companies to have at least one independent member with significant accounting or financial experience.

Following Tom Jewell’s Jan. 6 resignation from the Payment Data board, the company late Friday said it was interviewing potential board candidates with the requisite financial experience and expects to have the compliance issue resolved prior to a July 5 Nasdaq deadline, according to a regulatory filing by the company.

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