MAR - Why Travel and Entertainment Shares Plunged on Monday
Shares of travel and entertainment stocks fell on Monday as Wall Street weighed new concerns about COVID-19 impacting business. Marriott International (NASDAQ: MAR) fell as much as 5.8% in early trading, MGM Resorts International (NYSE: MGM) was down 5.9% at its low, and Six Flags Entertainment (NYSE: SIX) was down 10% early in the day. The stocks are down 2.6%, 3.1%, and 8% at 1 p.m. EDT.
We haven't seen much direct effect from rising COVID-19 cases in the U.S. yet, but there may be an impact coming. Investors are worried that consumers will cancel or delay travel plans if cases continue to rise, which would delay a financial recovery for consumer discretionary stocks .
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Why Travel and Entertainment Shares Plunged on Monday