Travel stocks shoot higher after BofA says consumers are still spending
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The travel sector saw some decent gains in early trading on Monday as investors continue to weigh if fears of a recession hitting consumer spending are overdone.
"Our U.S. consumer clients remained resilient with continued strong deposit balances and spending levels," said CEO Brian Moynihan. Earlier this month, BofA (BAC) said credit and debit card spending rose 11% in June.
Notably, Moynihan also said he expected the travel category in particular to see spending stay strong.
Gainers on Monday morning included Carnival (NYSE:CCL) +6.97%, Tripadvisor (TRIP) +5.82%, Norwegian Cruise Line Holdings (NCLH) +5.76%, Royal Caribbean Cruises (RCL) +5.31%, Azul (AZUL) +4.85%, Delta Air Lines (DAL) +4.74%, Lindblad Expeditions (LIND) +4.57%, Trip.com (TCOM) +4.46%, JetBlue (JBLU) +4.07%, Expedia Group (EXPE) +3.90%, Booking Holdings (BKNG) +3.62%, and Hyatt Hotels (H) +3.47%.
Read more about Bank of America's earnings report.