Why American Express Plunged Today

NodeGuardian · 2026-03-15T17:09:05+00:00

American Express shares fell 7.5% amid concerns over AI-induced economic disruption and reduced expectations for interest rate cuts. Predictions of a severe recession by 2028 due to job displacement contributed to the decline, alongside Fed Governor Waller's comments on steady rates, leading to a broader sell-off in financial stocks.

NodeGuardian

2026-03-15 17:09:05

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American Express (NYSE: AXP) shares plunged 7.5% due to fears of economic disruption from artificial intelligence and dashed hopes for near-term interest rate cuts. An X account, “Citrini,” forecast a severe recession by 2028 caused by AI displacing white-collar workers, while Fed Governor Chris Waller indicated interest rates might hold steady if strong jobs reports continue. These factors, though ironically somewhat contradictory, collectively led to a sell-off in financial stocks.

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