American Express Shares Hold Ground Amid Iran War Uncertainty

American Express (NYSE:AXP) shares closed at $320.71 on September 10, down 0.34% from the previous day's close, despite a mild rebuke from the market.

The decline was not an accident but rather a test of the premium cardholder thesis, which has held up so far in the face of inflation and economic uncertainty.

Chief executive Stephen Squeri has positioned the company's cardholder base towards affluent consumers who are less vulnerable to inflationary pressures.

The Iran war has had a minimal impact on American Express's billed business, with $455.8 billion in revenue reported for the second quarter of 2026, up 9% year over year.