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Why American Express Plunged Today

TheMotleyFool

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Why American Express Plunged Today: https://g.foolcdn.com/editorial/images/857533/gettyimages-509051302.jpg

Shares of credit card giant American Express (NYSE: AXP) plunged 7.5% on Monday as of 12:55 p.m. EDT.

It's unusual for such a big and seemingly strong company as American Express to fall this much on a day with no company-specific news.

However, fears over artificial intelligence disruption hit the financial sector hard today, mainly due to a post on X (formerly Twitter) by a highly followed account. In addition, hopes of near-term interest rate cuts were dashed as a result of a Fed official's commentary, which also likely played a hand in today's pullback.

Source Fool.com