Why Travel and Entertainment Stocks Dropped on Monday
Travel and entertainment stocks that had been on the road to recovery in 2021 are facing pressure now as the market worries more about the impact the omicron coronavirus variant will have on their businesses. Stocks are down across the board, but companies with consumer-facing and discretionary businesses are being hit the hardest.
Carnival (NYSE: CCL) was down by as much as 4.3% in trading on Monday and closed the session 2.3% lower. AMC Entertainment (NYSE: AMC) dropped 7.6% early, only to recover and close down by 0.9%. In the gambling industry, MGM Resorts (NYSE: MGM) fell by as much as 5.1% at one point, and ended the trading day off by 2%.
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Source Fool.com
