'Two Americas' economy lifts AmEx, drags Visa and Mastercard in 2025

In 2025, American Express outperformed Visa and Mastercard, rising 25.8% as affluent consumers continued spending, while Visa and Mastercard lagged with increases of 11.9% and 9.7%, respectively. The broader S&P 500 index rose 17.3%. Low-income consumers faced challenges due to inflation and job growth issues, impacting discretionary spending. Analysts predict fintechs will benefit from looser regulations and lower rates in 2026, despite concerns over income growth and the wealth gap. The S&P 500 Financials Index rose 14.2%, with large-cap banks enjoying significant gains.