Khanchit Khirisutchalual
Consumer discretionary stocks fell on Thursday as investors doubled down on their concerns that aggressive rate hikes by the Federal Reserve to fight inflation will hurt consumer discretionary spending into 2023.
Analysts pointed to the devastating impact of Hurricane Ian in key parts of Florida as also impacting sentiment negatively.
The selling pressure included many stocks from the leisure and travel sector. In morning trading, large drops were seen for Royal Caribbean (NYSE:RCL) -5.55%, Caesars Entertainment (CZR) -8.15%, Bally's Corporation (BALY) -8.02%, Golden Entertainment (GDEN) -4.36%, Airbnb (ABNB) -3.77%, Hyatt Hotels (H) -2.88%, Drive Shack (DS) -9.86%, Six Flags Entertainment (SIX) -5.55%, Topgolf Callaway Brands (MODG) -3.60%, and Lindblad Expeditions (LIND) -8.14%.