New York, January 16, 2026, 21:10 EST — Market closed
- American Express shares climbed 2.1% on Friday ahead of the market’s Monday closure and Tuesday reopening.
- Washington’s discussions about capping credit card rates have resurfaced following a late-week report hinting at potential executive moves.
- AmEx’s recent SEC filing revealed that December delinquencies dropped among consumers but ticked higher for small businesses.
Shares of American Express Company climbed 2.1% Friday, closing at $364.79. The stock fluctuated between $357.01 and $369.26 during the session, with roughly 3.6 million shares changing hands.
The advance unfolded as U.S. stocks finished almost flat ahead of the long weekend, with financials under pressure this week amid speculation over a credit-card rate cap. “Most investors will take that as a win,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial. 1
Late Friday, Bloomberg News reported the White House is considering an executive order to implement President Donald Trump’s push for a cap on credit card interest rates, according to sources familiar with the discussions. The plan remains in the works as officials negotiate details with both industry players and lawmakers, the report added. 2
Banks and card companies remain in limbo over what, if anything, will be enforceable on Jan. 20, when Trump has declared the one-year, 10% rate cap should take effect. Markets are left to weigh everything from voluntary “low-rate” offerings to potential pushback efforts in Washington. “Policy volatility is likely to create market volatility until there is a clear path forward for banks and regulators,” said Brian Mulberry, a senior client portfolio manager at Zacks Investment Management. 3
American Express revealed preliminary credit figures in an SEC filing Thursday. U.S. consumer card loans stood at $100.2 billion as of Dec. 31, with 1.3% of balances at least 30 days overdue. That’s a slight improvement from the 1.4% delinquency rate seen in both November and October. Small-business delinquencies ticked up to 1.7% from 1.6%. The net write-off rate — the annualized percentage of loans deemed uncollectible — was 2.1% for consumer loans and 2.7% for small business, based on principal only. 4
Credit continues to drive the fortunes of card lenders, with markets quick to react to any changes in rates, rewards, or risk calculations. These monthly updates often seem calm—until they suddenly aren’t.
The U.S. stock and bond markets will be closed Monday in observance of Martin Luther King Jr. Day. Regular trading picks back up Tuesday, Jan. 20. That gives investors an extended break for headlines and maneuvering ahead of the next session. 5
American Express operates both as a lender and a payments network, giving it direct exposure to card loan performance—unlike peers that only run networks. A forced cut in borrowing rates would hit its interest income first. Meanwhile, slower spending usually shows up as weaker fee growth.
The policy route is anything but straightforward. Should the cap come into effect—or if lenders get ahead of it by offering pared-down, lower-rate cards—the economics of rewards and access to credit could shift quickly. Predicting where demand will settle is tricky.
American Express is gearing up to release its quarterly results on Jan. 30, with the report due around 7:00 a.m. ET and a conference call set for 8:30 a.m. ET. The focus will be on fourth-quarter and full-year 2025 numbers. Investors want updates on credit costs, spending patterns, and how the company intends to handle a potential rate cap. 6
