The travel sector started off the week shaky again with recession concerns and staffing issues with airlines hurting sentiment broadly. For companies with a link to China, news of the one-week closure of all casinos in Macau due to a COVID outbreak has also hurt sentiment.
Early decliners on Monday included Trip.com (NASDAQ:TRIP) -8.26%, Travelzoo (TZOO) -5.37%, Tuniu Corporation (TOUR) -5.08%, Carnival (CCL) -4.74%, Royal Caribbean Cruises (RCL) -4.50%, Norwegian Cruise Line Holdings (NCLH) -4.42%, Tripadvisor (TRIP) -4.18%, MakeMyTrip Limited (MMYT) -3.89%, and Expedia Group (EXPE) -2.88%.
Lodging stocks Sonder Holdings (SOND) -8.32%, Huazhu Group Limited (HTHT) -6.68%, and GreenTree Hospitality Group (GHG) -5.46% were also notably lower.
Global airline stocks Azul (AZUL) -7.60%, Gol Linhas (GOL) -7.15%, China Eastern Airlines (CEA) -3.65% , Embraer SA (ERJ) -5.30%, China Southern Airlines (ZNH) -2.35% also traded weak. American Airlines (AAL) was the biggest decliner of the U.S. names with a 2.65% drop.
Read more about the Macau casino development.
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