Recession fears sweep over travel and leisure stocks
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Travel stocks traded lower on Monday as anxiety over a recession and higher interest rates swept over the sector.
A poll conducted by Financial Times of economists indicated that 70% expect the U.S. economy to slip into a recession next year, which added to the existing concerns that consumer spending could wilt this summer and into fall.
Cruise line stocks Carnival (CCL
-7.9%), Norwegian Cruise Line Holdings (NCLH
-8.6%), and Royal Caribbean (RCL
-6.3%) were all notably lower.
Resort and casino stocks Playa Hotels & Resorts (PLYA
-7.0%), Golden Entertainment (GDEN
-5.8%), Red Rock Resorts (RRR
-7.0%), Boyd Gaming (BYD
-5.7%), Bally's (BALY
-6.7%), and MGM Resorts (MGM
-6.4%) also caught sell orders early on Monday.
Travel service stocks also fell hard, including Trip.com (NASDAQ:TCOM
-7.0%), TripAdvisor (TRIP
-5.1%), Booking Holdings (BKNG
-6.6%), and Airbnb (ABNB
-6.5%).
Lodging stocks InterContinental Hotels Group (IHG
-6.9%), Marriott International (MAR
-4.8%), and Hyatt Hotels (H
-5.2%) also were in negative territory.
Airline stocks were led lower by sharp drops for Gol Linhas (GOL
-11.1%), Azul S.A. (AZUL
-10.4%), and Volaris (VLRS
-7.0%).
Read the morning update on the broad market.