Are the financial titans of the world losing their grip on consumer spending? Visa's recent quarterly report has sent shockwaves through the market, with shares tumbling over 4% and erasing all of its 2024 gains. This unexpected miss has raised eyebrows and highlights the mounting challenges the industry is facing.
On Friday, American Express reported a 9% rise in quarterly revenue, reaching a record high. This growth was fueled by robust spending from its wealthy customers. However, despite this positive news, the stock price of the credit card giant fell as much as 4.5% in morning trading. What caused this unexpected reaction from investors?