Why American Express Stock Fell 23.5% in the First Half of 2020
Shares of American Express (NYSE: AXP) fell 23.5% during the first half of 2020, according to data from S&P Global Market Intelligence. The credit card company slid along with the financial sector, which suffered from the economic recession caused by the COVID-19 pandemic.
While American Express isn't quite as exposed to credit losses as some other large banks, lower overall spending still affects its discount fee revenue and earnings. In addition, it is proportionally more exposed to business and travel spending than other card companies, which will hurt in the current environment.
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Source Fool.com