Airlines, restaurants and cruise line stocks rally as investors shift focus back to recovery
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Travel and leisure stocks broke sharply higher on Wednesday as a potential meeting between the foreign ministers of Russia and Ukraine lifted sentiment that a settlement could eventually be worked out. Despite inflation and interest rate risks in the market, some analysts are pointing to the strength of the U.S. consumer and noting that even higher gas prices are likely to not be as much of a negative factor as feared on household spending trends.
Advancers in the global airline sector include Gol Linhas (GOL
+13.3%), Azul S.A (AZUL
+12.7%), United Airlines (UAL
+12.7%), Hawaiian Holdings (HA
+7.1%) and JetBlue Airways (JBLU
+6.9%).
Travel service stocks Booking Holdings (BKNG
+9.1%), Expedia (EXPE
+7.9%), MakeMyTrip Limited (MMYT
+8.9%) and Trip.com (TCOM
+7.8%) made big jumps.
Gainers in the hotel sector include InterContinental Hotels Group (IHG
+6.3%), Marriott International (MAR
+5.3%) and Hyatt Hotels Corporation (H
+6.4%).
Cruise line stocks Carnival (CCL
+11.8%), Norwegian Cruise Line Holdings (NCLH
+10.5%), Royal Caribbean (RCL
+6.9%) and Lindblad Expeditions (LIND
+6.7%) were big movers.
The casino sector also saw jumps for Full House Resorts (FLL
+15.3%) after earnings and Caesars Entertainment (CZR
+12.2%) after a Jefferies callout. Century Casinos (CNTY
+11.3%), Wynn Resorts (WYNN
+9.7%), MGM Resorts (MGM
+8.2%), Bally's (BALY
+6.2%), Boyd Gaming (BYD
+6.9%) and Golden Entertainment (GDEN
+6.0%) were some of the other big movers.
Restaurant stocks were not left behind with Dine Brands Global (DIN
+12.1%), Brinker International (EAT
+9.0%), Carrols Restaurant Group (TAST
+7.4%), Ruth's Hospitality (RUTH
+7.3%) and Red Robin Gourmet (RRGB
+8.0%) breaking higher.
Broad market rundown: Nasdaq, Dow Jones, S&P 500 rally, crude oil sells off.