Why Travel Stocks Were Sliding Today
On a down day for the broad market, travel stocks were falling as they responded to a number of negative news items as well as the risk-on/risk-off pattern among investors.
A combination of a sobering forecast from the Federal Reserve, fears of a second wave of coronavirus infections, an unemployment report showing jobless rates remain at historic highs, and a reality check after a few days of market euphoria seemed to push the travel sector and the overall market lower today.
Among the travel stocks that got swept up in the sell-off today were Expedia (NASDAQ: EXPE), which was down 5.3% as of 10:32 a.m. EDT, TripAdvisor (NASDAQ: TRIP), which had fallen 5.8%, Marriott (NASDAQ: MAR), which was 7.4% lower, and Hyatt (NYSE: H), which was off 5.2%. At the same time, the S&P 500 was down 2.6%.
Source Fool.com
