AmEx, JPMorgan Push Dow Higher as Nvidia, Netflix Fuel Stock Market Sell-Off
$American Express (AXP.US)$ and $JPMorgan (JPM.US)$ led gains in the financial sector, helping push the $Dow Jones Industrial Average (.DJI.US)$ higher amid a wider market sell-off that saw $NVIDIA (NVDA.US)$ and $Netflix (NFLX.US)$ drag the $S&P 500 Index (.SPX.US)$ and the $Nasdaq Composite Index (.IXIC.US)$ lower.
AmEx, as the credit-card issuer is known, saw its shares climb more than 5%, to become the best performer on the Dow after the company reported first quarter earnings that beat analysts' estimates.
"We continue to attract high-spending, high-quality customers to the franchise, with new card acquisitions accelerating sequentially to 3.4 million in the quarter," AmEx Chief Executive Officer Stephen Squeri said in the company's earnings release.
CFRA raised its 12-month price target on the stock by $20 to $290 as it raised its 2024 earnings estimate for the company by 31 cents to $13.29, after it posted a strong quarter.
JPMorgan shares advanced 2.2%, helping the S&P 500 Financial Sectors Sector gain 1.2%. $Coca-Cola (KO.US)$ rallied 2.25% to become the second-biggest gainer on the Dow. Amgen rose 2.2%.
Can financial stocks keep the market in the green or will it give way to a wider sell-off driven by semiconductors? Let us know your thoughts.
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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