CE 100 Index Declines Amid Tariff Concerns and Bank Losses

NEW YORK, March 10, 2025 — The CE 100 Index took a significant hit last week, losing 4.3% over five days of trading, surpassing declines in major benchmarks like the NASDAQ and the Dow Jones Industrial Average. This downturn can largely be attributed to heightened macroeconomic concerns as new tariffs took effect early in the week, complicating supply chain planning for enterprises and potentially affecting consumer spending.

Throughout the week, job growth also exhibited a slowdown, with data yet to account for major layoffs across various government agencies. Notably, only one of the 11 pillars within the index — the Communicate pillar — showed a gain, rising by 0.9% despite widespread losses elsewhere.

Banking stocks bore the brunt of the downturn, plummeting more than 7.9%. Citigroup saw its shares drop by 11.9% following a widely publicized mishap where the bank erroneously credited a client’s account with $81 trillion instead of the intended $280, although the error was promptly rectified. LendingClub and J.P. Morgan experienced declines of 12.5% and 8.5%, respectively, after the Consumer Financial Protection Bureau (CFPB) dropped its lawsuit against Zelle’s operator and its affiliated banks.

The Enablers segment, which fell by 3.7%, was led by MongoDB, whose shares plummeted nearly 30%. This drop followed disappointing revenue guidance for the current fiscal year, which was projected between $2.24 billion and $2.28 billion, below analyst expectations of $2.32 billion. Management acknowledged slower growth for its database platform, Atlas, citing decreased momentum compared to prior quarters.

Within the Pay and Be Paid pillar, the index fell by 5.4%, influenced by significant declines in Buy Now, Pay Later (BNPL) stocks. This week, shares of Sezzle fell 21.9%, and Affirm decreased by 19%, although Affirm highlighted a collaboration with Stitch Fix to expand its merchant network.

Some companies, however, managed to achieve gains. Tencent shares rose by 9.3%, driven by positive feedback regarding its new artificial intelligence model, Hunyuan Turbo S, which outperforms competitors. Western Union also saw progress, increasing by 7.3% following news of its international money transfer service with Saudi Arabia’s urpay.

Despite these gains, regulatory scrutiny is affecting players in the market. Both Mastercard and Visa stocks experienced declines following announcements of potential regulatory actions in the UK related to competition within the card payment sector. Mastercard’s shares decreased by 5.2%, while Visa fell 4.8% as the Payment Systems Regulator (PSR) considers remedies for the card market.