By now, you've heard the bad news: The yield curve just inverted again , stoking fears of an impending recession. Inflation in the U.S. hit a 41-year high in May, and investors now worry the Federal Open market Committee may raise the benchmark federal funds interest rate by as much as 0.75 percentage points following its meeting this week as it continues its efforts to tamp down inflation.
The stock market tumbled in response, with the Dow Jones Industrial Average down 2% as of 12:30 p.m. ET, and the S&P 500 falling 2.8%.
Travel and leisure stocks are getting hit particularly hard Monday, with online travel agent Booking Holdings (NASDAQ: BKNG) shares falling 6.9%, and casino operators MGM Resorts International (NYSE: MGM) and Caesars Entertainment (NASDAQ: CZR) down 9.4% and 11.3%, respectively.
For further details see:
Why Travel and Leisure Stocks Sank on Monday