American Express fell three points, standing out relatively within the banking and financial sector today. Expectations for the asset quality of consumer credit are its sensitive spot; Bank of America, ICBC, and China Merchants Bank basically remained stagnant, hardly moving.

A strong dollar and rising interest rate expectations are positive for banks' net interest margins. However, when the market seeks safety, funds prefer to hide in high-dividend stocks and cash first. Large bank stocks are thus grinding along with the broader market in a state of limbo. American Express is tied to consumer credit and has a higher beta than traditional banks, so it was sold off a bit more on days when risk appetite contracted.