New York, Feb 11, 2026, 16:41 EST — After-hours
- American Express shares dropped roughly 2.5% in late trading, capping off a choppy session.
- The company issued $3.5 billion in new notes on Feb. 10, according to a filing, and also renewed its multiyear NBA partnership.
- Interest-rate bets and chatter from Washington about possible card rate caps have traders eyeing the sector.
American Express dropped 2.5% to $354.01 after hours on Wednesday, having ranged between $369.12 and $353.96 over the session. Visa managed a 0.3% gain in late trading, while Mastercard ended down 0.6%.
U.S. stocks lost momentum after January’s jobs report topped forecasts, prompting traders to scale back bets on Fed rate cuts. “It comes down to the sweet spot,” said Julia Hermann, global market strategist at New York Life Investments. She pointed to hiring numbers strong enough to keep growth on track, yet not so hot as to kill off prospects for policy easing. 1
Why now: American Express often serves as a bellwether for affluent consumer spending—a segment that’s increasingly carrying the economy. This week, Reuters highlighted in its coverage of company earnings that the gap is growing, with luxury brands reaping gains from richer customers. American Express echoed that trend, noting “very strong” appetite for its premium offerings. 2
American Express tapped debt markets for $3.5 billion on Tuesday, a filing showed, spreading the new bonds across a mix of maturities. The deal features fixed-to-floating rate paper—notes that kick off with a set coupon, then move to payments tied to short-term rates—as well as a tranche of subordinated notes, which sit lower in a payout hierarchy. Among the breakdown: $1.35 billion in 4.009% fixed-to-floating notes set to mature in 2029; $1.0 billion of 4.456% fixed-to-floating notes due 2032; $650 million in floating-rate notes maturing 2029; and $500 million of subordinated notes carrying a 5.412% coupon, due 2041. 3
The company pushed further into sports marketing this week. On Tuesday, American Express and the NBA confirmed a multiyear extension of their partnership, which now covers not just the NBA, WNBA, and G League, but also USA Basketball and NBA Take-Two Media, according to the league. “This next chapter builds on that foundation,” said Bess Spaeth, executive vice president at American Express, in the release. 4
American Express picked up close to 2% on Tuesday, giving the Dow a boost, but shares slipped back on Wednesday. 5
The shares are still digesting those late-January numbers, when management outlined 2026 EPS guidance of $17.30 to $17.90 and targeted revenue growth in the 9% to 10% range. Back then, CFO Christophe Le Caillec told Reuters, “We’re not projecting any discontinuity,” highlighting a shift toward younger, bigger-spending clientele. Truist’s team, for their part, called out the U.S. Platinum refresh expense as a short-term headwind. 6
The policy debate on card pricing isn’t fading from sight. Citigroup’s incoming CFO, Gonzalo Luchetti, on Wednesday flagged the risks of a proposed interest-rate cap, warning it could deliver “material impacts” to credit lines and spark “massive ripple effects” across the economy. Card issuers and lenders haven’t lost track of the threat. 7
The stock isn’t on a smooth ride. Should rates remain elevated, higher funding costs and shakier credit could take center stage. A dip in travel or dining spend puts pressure on billed business, and when volumes flag, those hefty rewards and marketing budgets start to sting.
Traders now turn to Friday’s U.S. consumer inflation data, the next big trigger for shifting policy rate bets—and, by default, for figuring out just how far consumer finance stocks might move next week. 8
