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.
Source Fool.com