BALY - Recession fears sweep over travel and leisure stocks

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 Worldwide (MAR -4.8%), and Hyatt

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Recession fears sweep over travel and leisure stocks