SIX - Why Travel and Entertainment Stocks Fell Today
Shares of travel and entertainment stocks were tumbling for the third day in a row on Wednesday as coronavirus fears continued to ripple through the market. Today, the broad market was relatively stable as the S&P 500 finished down just 0.4% after falling around 3% on both Monday and Tuesday. However, as the CDC warned Americans to brace themselves for the virus spreading in the U.S., investors punished stocks that would be particularly sensitive to a domestic outbreak, including businesses that depend on shared spaces like the travel, leisure, and tourism industry.
As a result, stocks including Expedia (NASDAQ: EXPE), TripAdvisor (NASDAQ: TRIP), Eldorado Resorts (NASDAQ: ERI), SeaWorld Entertainment (NYSE: SEAS), Six Flags Entertainment (NYSE: SIX), and Dave & Buster's Entertainment (NASDAQ: PLAY) all fell at least 7% today. The last four stocks were down more than 10% at one point while Dave & Buster's closed down 11.2%.
Image source: Getty Images.