American Express stock hits record high; Oracle and Newmont sink

Shares of a major credit card issuer rose as upgrades to high-end cards and strong spending among affluent customers helped drive quarterly profits. Meanwhile, gold prices have retreated from recent highs, putting pressure on a major mining company.

Major US stock indexes closed higher to cap a volatile trading week, as investors shook off concerns about bad loans at regional banks and trade tensions between the US and China. The S&P 500, Nasdaq and Dow rose 0.5% on Friday to post gains for the week. See here for more coverage from Investopedia From Friday market movements.

Kenvue (KVUE) stock bounced back on Friday, recovering some of the heavy losses it suffered the previous session after a U.K. lawsuit claimed the consumer health products company’s baby powder was linked to cancer. Shares of parent company Band-Aid, Listerine and Neutrogena finished 8.4% higher, marking the highest daily performance in the S&P 500.

American Express (AXP) shares rose 7.3% to close at an all-time high after the company beat quarterly earnings estimates, with revenue rising 11% year over year to a record $18.43 billion. American Express has benefited from the launch of updated high-end credit cards and strong spending trends among its affluent customer base. Shares of card issuer Capital One Financial (COF) rose 4% on Friday, partially recovering from a decline the day before amid pressure on the financial sector.

Gilead Sciences (GILD) shares rose 4.2% after a price target boost by analysts at Goldman Sachs. Earlier this week, the biotech company presented positive results from a phase 3 study of cancer treatment Trodelvy.

Truist Financial (TFC) also reported better-than-expected third-quarter results, and shares of the financial services company rose 3.7%. A rise in fee income, supported by strength in its wealth management and mortgage banking businesses, helped drive Truist’s strong performance.

Gold prices have fallen from record levels, and shares of Newmont (NEM), the world’s largest gold producer, fell 7.6% on Friday. The stock reached its highest level ever on Thursday after rising in parallel with the rise in the precious metal.

Shares of Oracle (ORCL) sank nearly 7%. Although the enterprise software giant has provided targets for strong sales and earnings growth through fiscal 2030, some Wall Street analysts have raised concerns about a lack of details about Oracle’s capital spending plans, as well as the company’s heavy reliance on revenue from OpenAI and other key customers.

Moderna (MRNA) shares lost 4.2%. Some analysts have expressed concerns about the company’s declining revenues from COVID-19 vaccines, as well as the company’s limited progress in diversifying into other products.