American Airlines is running all of its Europe and deep South America flights from New York JFK with Boeing 777s. That’s too much capacity even for a joint venture partner’s hub like Madrid (Iberia). They really ought to be basing some smaller aircraft, like Boeing 787s, out of New York and serving more destinations profitably.
During peak summer months and during fall and winter holidays there’s often fare compression, business class tickets go down in price (especially for restricted fares that leisure flyers can buy) while coach gets more expensive. We’re certainly seeing that on American’s New York JFK – Madrid route, where they’re discounting business class. For about the same money you can also fly their partner Iberia’s business class non-stop as well.