The travel sector saw some decent gains in early trading on Monday as investors continue to weigh if fears of a recession hitting consumer spending are overdone.
"Our U.S. consumer clients remained resilient with continued strong deposit balances and spending levels," said CEO Brian Moynihan. Earlier this month, BofA ( BAC ) said credit and debit card spending rose 11% in June.
Notably, Moynihan also said he expected the travel category in particular to see spending stay strong.
Gainers on Monday morning included Carnival ( NYSE: CCL ) +6.97% , Tripadvisor ( TRIP ) +5.82% , Norwegian Cruise Line Holdings ( NCLH ) +5.76% , Royal Caribbean Cruises ( RCL ) +5.31% , Azul ( AZUL ) +4.85% , Delta Air Lines ( DAL ) +4.74%, Lindblad Expeditions ( LIND ) +4.57% , Trip.com ( TRIP ) +4.46% , JetBlue ( JBLU ) +4.07% , Expedia Group ( EXPE ) +3.90% , Booking Holdings ( BKNG ) +3.62% , and Hyatt Hotels ( H ) +3.47% .
Read more about Bank of America's earnings report.
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Travel stocks shoot higher after BofA says consumers are still spending