Travel and leisure stocks are reeling again on macroeconomic worries
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Travel and leisure stocks fell in Thursday morning trading on broad concerns over the global economy and renewed COVID restrictions in China.
Of note, the Organization for Economic Cooperation and Development lowered its global economic growth forecast for 2022 to +3.0% from +4.5%. Inflation is now forecast at nearly 9% for the OECD's 38 member countries. Meanwhile, a new COVID alert covering parts of Shanghai and Beijing put some regions back on lockdown restrictions.
Notable decliners included Las Vegas Sands (NYSE:LVS
-5.0%), Sonder Holdings (SOND
-9.2%), Hilton Worldwide (HLT
-1.8%), Booking Holdings (BKNG
-2.2%), Huazhu Group (HTHT
-7.0%), Hyatt Hotels (H
-2.1%), Wyndham Hotels (WH
-1.9%), Melco Resorts & Entertainment (MLCO
-4.2%), Playa Hotels & Resorts (PLYA
-2.3%), OneSpaWorld Holdings (OSW
-2.6%), Carnival (CCL
-6.5%), Royal Caribbean Cruises (RCL
-5.6%), Norwegian Cruise Line Holdings (NCLH
-5.6%), Despegar.com (DESP
-4.0%), Expedia (EXPE
-3.9%), and Tripadvisor (TRIP
-3.4%).
Read the Thursday morning update on the U.S. stock market.