Welcome to Markets Desk, your midday read on what's moving money and markets.
American Express continues to make a compelling case for patient investors. The card giant is drawing its heaviest new account growth from millennial and Gen Z consumers, a cohort with decades of spending ahead of them. That demographic tailwind, paired with premium card fees and resilient travel spending, suggests the growth narrative still has room to run.
Shifting to semiconductors, the debate between ASML and TSMC as the smarter AI infrastructure play is sharpening. TSMC commands dominant foundry market share and is deepening its American footprint with its Arizona expansion, while ASML holds a near-monopoly on the extreme ultraviolet lithography machines that make advanced chips possible at all. Both names sit at the critical chokepoints of the AI supply chain, and the choice between them is really a question of where you want your exposure in that stack.
Meanwhile, Ivanhoe Mines offered a reminder that strong earnings don't guarantee a strong tape. The copper and mining giant posted higher second-quarter profit year over year, yet shares fell nearly five percent on Friday. It's a classic sell-the-news reaction, and it signals investors may have already priced in the beat while rotating toward other commodity plays.
That's the tape. Markets Desk, signing off the floor.
