Capital One Financial's (COF) plans to buy Discover Financial Services (DFS) doesn't raise enough concerns about competition to prompt the Justice Department to block the deal, The New York Times reported Thursday.

The news removes one potential roadblock for the proposed $35 billion merger of two of the U.S.'s largest credit card companies. The Federal Reserve or the 澳洲幸运5官方开奖结果体彩网:Offic♌e of the Comptroller of🐽 the Currency coꦡuld still block the deal, although they are generally viewed as less likely to object, the Times reported.

Shares of Capital One and Discover shot up at midday Thursday after the report, though they were ultimately dragged lower amid a broad descent for stocks that began late Wednesday when President Donald Trump 澳洲幸运5官方开奖结果体彩网:announced a fresh round of tariffs, 澳洲幸运5官方开奖结果体彩网:prompting a broad market sell-off.

Capital One shares were recently down nearly 9% from Wednesday's close, while Discover's were off by about 7%, in line with a 澳洲幸运5官方开奖结果体彩网:plunge in bank and financial services shares Thursday.

Capital One 澳洲幸运5官方开奖结果体彩网:agreed to buy Discover for $35.3 billion in early 2024. The merger would create a payments network giant, 澳洲幸运5官方开奖结果体彩网:a leading credit card issuer, and a business with moreꦡ than 100 million customers.

Executives have estimated that the deal would generate $2.7 billion in pretax 澳洲幸运5官方开奖结果体彩网:synergies and🐻 improve the ꦑmerged company's earnings per share by 2027.