New York, Feb 12, 2026, 18:25 (EST) — After-hours
- AXP dropped roughly 3% Thursday, deepening its slide to a two-session retreat.
- AmEx, speaking at a UBS conference, pointed to stable spending trends. The company also tapped bond markets this week.
- Friday’s U.S. inflation numbers are up next, with investors watching for the impact on rates and consumer-finance stocks.
Shares of American Express Co (AXP) slid $11.27, or 3.2%, to close at $342.88 in Thursday’s after-hours action. The stock swung between $340.45 and $359.00 during the session, with roughly 4.1 million shares changing hands.
This shift is catching attention, as investors increasingly look to card issuers for real-time signals on consumer appetite and credit, rather than simply using them as a market stand-in. American Express—its customer base skewing wealthier, its spending tilted toward travel and entertainment—often finds itself right in the thick of that discussion.
Thursday saw U.S. stocks tumble, with tech names taking a big hit as traders braced for Friday’s much-anticipated inflation report. The Dow shed 669 points, or 1.34%. S&P 500 ended down 1.57%, and the Nasdaq was off by 2.03%. Yields followed suit—10-year Treasuries dropped 8.1 basis points to 4.102%.
AmEx trailed other big financials in Thursday’s decline. JPMorgan Chase dropped 2.63%, Bank of America lost 2.47%, and Visa was down 1.54%. AmEx traded with volume above its 50-day average, finishing the day roughly 11.5% off its 52-week high.
After a robust U.S. jobs report outpaced forecasts this week, traders dialed back their expectations for imminent rate cuts from the Federal Reserve. U.S. indexes ended Wednesday little changed, Reuters reported.
Executives have pushed the message of steady spending. Speaking at a UBS financial services event Tuesday, AmEx CFO Christophe Le Caillec described spending as “very strong and very consistent,” noting that global spend is tracking “between 7% and 8%.” Investing.com
American Express, according to a Feb. 10 filing, has tapped the market for $3.5 billion in new notes. The offering included $1.35 billion of 4.009% fixed-to-floating notes maturing in 2029, as well as $1 billion of 4.456% fixed-to-floating notes set to come due in 2032. With this structure, the notes start off at a fixed interest rate before switching over to track market rates.
American Express has locked in a fresh multiyear deal with the NBA, which now stretches to the WNBA and USA Basketball—another move to boost perks and event access for cardholders. “Our longtime partnership with the NBA is rooted in a shared commitment to deliver exceptional experiences and access,” said Bess Spaeth, executive vice president at American Express. Investing.com
Evercore ISI’s John Pancari trimmed his price target on AmEx, now seeing the stock at $393 instead of $400. He maintained his In Line rating, pointing to updated earnings projections following the company’s Q4 results.
The next catalyst probably isn’t about partnerships or cleaning up balance sheets. A stronger CPI number could send yields higher again, stoking concerns that pricier borrowing will start to weigh on card spending and credit quality.
Friday’s U.S. inflation data—set for Feb. 13—has traders eyeing the bond market’s next move, gauging if it could ease or pile more pressure on payment and consumer-finance stocks heading into next week.
