The stock market declined sharply on Monday as global market sell-off was provoked by worries on the health of the U.S. economy.
Overall, S&P 500 dropped 3.0% to 5,186, while NASDAQ fell 3.4% to 16,200. These were the biggest one-day losses in nearly two years.
Tweet of the Day
Waymo is a catalyst for Alphabet stock $GOOGL $GOOG. https://t.co/XItccnWthw
— David Sharek (@GrowthStockGuy) July 30, 2024
Chart of the Day
Here is the one-year chart of American Express (AXP) as of July 21, 2024, when the stock was at $242.
American Express reported another strong performance last quarter with profit growth of 21% on 8% revenue growth. Its CEO stated that its strong performance starts with its premium customers, who are high spending, long tenured, and have excellent credit. In addition, American Express continues to attract high quality premium costumers with the company’s superior product. Last quarter, American Express acquired 3.3 million new cardholders. Card fee revenue was up 16% year over year and has increased 24 consecutive quarters. Net interest income was up 20% from a year ago.
AXP is part of the Conservative Portfolio. With a P/E of just 19, this stock has room to move higher.
