New York, March 1, 2026, 12:46 EST — Market’s done for the day.
- American Express dragged down the Dow on Friday, finishing the session deep in the red as investors pulled back from risk.
- Traders pulled back on near-term rate-cut expectations after a stronger U.S. wholesale inflation reading.
- Attention turns to Friday’s U.S. jobs report—investors looking for clues on consumer demand and the policy outlook.
American Express (AXP) slid 7.88% to finish at $308.90 on Friday, capping off a bumpy week for the Dow name.
Tougher-than-expected numbers from the Producer Price Index—a key read on wholesale inflation—threw cold water on hopes for an imminent Fed rate cut, and that sort of backdrop usually means more scrutiny for consumer-credit stocks. “Given still-buoyant core inflation and the recent firming of job gains, we expect the Fed to remain on pause during its upcoming March meeting,” said Nationwide senior economist Ben Ayers. Reuters
Labor data lands next. Friday, the U.S. employment report is forecast to reveal a 60,000 payroll increase, following January’s 130,000 jump, Reuters polling found. Unemployment stood at 4.3%. This week also sees fresh numbers on manufacturing, services activity and January retail sales.
Wall Street ended Friday in the red: the Dow slid 1.05%, S&P 500 lost 0.43%, and the Nasdaq dropped 0.92%. “To wrap up the month of February, we were reminded there are still some cracks out there,” said Carson Group’s chief market strategist Ryan Detrick, flagging “hotter inflation data” as a fresh drag on sentiment. Reuters
AI uncertainty isn’t making things easier. “There continues to be this … back and forth about who might be the victim and those that will actually emerge winners,” said Kristina Hooper, chief market strategist at Man Group. She points out that investors are still missing “definitive” answers about where the next wave of disruption will hit. Reuters
Friday painted a clear divide in payments stocks. Visa climbed by the close; American Express, on the other hand, slid sharply. Mastercard managed to tick higher as well.
American Express traders aren’t fixated on the inner workings of card networks. Instead, they’re watching how much affluent customers are spending—especially on travel and entertainment—and keeping an eye on credit quality if rates remain elevated.
AXP’s sharp drop packed an extra punch for the Dow, thanks to the index’s price-weighted setup. High-dollar stocks like American Express exert more force here than they would in a broader market gauge, leaving AXP among the bigger anchors on the session.
The risk scenario is clear enough, and it slices in either direction. A stronger-than-expected jobs report could push investors to delay rate-cut bets yet again, weighing on consumer-credit stocks. But if the numbers disappoint, attention flips to demand—slower spending would hurt a firm so tethered to discretionary dollars.
All eyes are on Friday’s Employment Situation report for February, set for 8:30 a.m. ET March 6—this one has the potential to shake up expectations around rates and give a read on consumer spending.
