Travel stocks traded lower on Monday, as recession worries and rising interest rates gripped the sector.
A survey of economists by the Financial Times showed that 70% of them expect the US economy to decline. a recession the following year, which added to existing fears that consumer spending could wane this summer and fall.
Promotions of the cruise company Carnival (KKL -7.9%)Norwegian cruise ships (NKLH -8.6%)and Royal Caribbean (RKL -6.3%) all were markedly lower.
Promotions resorts and casinos Playa Hotels & Resorts (PLA -7.0%)golden entertainment (WHERE -5.8%)Red Rock Resorts (RRR -7.0%)Boyd Gaming (BYD -5.7%)Balli (BALI -6.7%)and MGM Resorts (MGM -6.4%) also caught sell orders early Monday.
Travel services stocks also fell heavily, including Trip.com. (NASDAQ: TCOM -7.0%)tripadvisor (TRAVEL -5.1%)Booking Holdings (BKNG -6.6%)and Airbnb (ABNB -6.5%).
Housing stock InterContinental Hotels Group (IGG -6.9%)Marriott Worldwide (BT -4.8%)and Hyatt hotels (HOUR -5.2%) were also in the red.
Airline shares plunge as Gol Linhas plummets (GOAL -11.1%)Azul S.A. (AZUL -10.4%)and Volaris (VLRS -7.0%).
Read the morning update on the broad market.