Why Marriott Stock Was Trading 4.7% Lower on Friday
Marriott International (NASDAQ: MAR) ended the week on a down note as its stock price fell 4.7% on Friday to $155 per share. The hotel giant's stock had fallen as much as 5.9% shortly after 2 p.m. ET before recovering slightly before the closing bell.
All of the major indexes were down, with the Dow Jones Industrial Average off 139 points (0.5%), the S&P 500 down 28 points (0.7%), and the Nasdaq down 104 points (0.9%).
Some less-than-positive industry news managed to sink Marriott, along with other hospitality industry stocks, on Friday. For starters, Southwest Airlines reported Thursday that business travel demand has weakened a bit. Southwest said it expects revenue from business travel to be 26% to 28% lower this quarter than the third quarter of 2019, using pre-pandemic figures as a benchmark. That's worse than previous expectations.
Source Fool.com
