MGM - Why Travel Stocks Tanked Today
Travel stocks had a terrible time on Tuesday, continuing Monday's rough start to the week . Investors are wobbling between bearishness and bullishness about the economy, and an International Monetary Fund (IMF) report didn't help matters.
Shares of MGM Resorts (NYSE: MGM) fell as much as 4.9% in early trading, Wynn Resorts (NASDAQ: WYNN) slumped 10.5%, Airbnb (NASDAQ: ABNB) dropped 6.7%, and Trip.com (NASDAQ: TCOM) plunged 14.9%. The stocks gained some of those losses back by 1:20 p.m. ET and were down 1.7%, 6.9%, 2.1%, and 11%, respectively.
The IMF said this morning that it expects global economic growth to slow to 2.7% in 2023, down from an estimate of 2.9% as recently as July. Outside of the financial crisis and COVID-19 pandemic, this is "the weakest growth profile since 2001," according to the outlook.
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Why Travel Stocks Tanked Today