American Express Co. (AXP)

American Express Company Stock (AXP) dropped by 5.38% from $149.62 to $141.57 in the trading on Friday October 20, 2023. The reason why AXP stock down today is due to the increase in provisions. American Express boosted the money it put aside to cover for customers defaulting on their payments. AXP reported Q3 fiscal 2023 provisions for credit losses of $1.233 billion, up from $1.198 billion in the previous quarter and $778 million a year ago. The company explained the increase reflected higher net write-offs, partially offset by a lower net reserve build.