Major market indices edged slightly higher in Monday’s trading, breaking a multi-day losing streak. As the market bounced, major travel names were among the notable sectors helping to buck the bearish trend.
Indeed, consumer discretionary names were well-represented among the top market-movers to the upside on Monday, with airlines, cruise lines, hotels, and casinos well represented among the upward bound stocks.
For example, American Airlines (NASDAQ:AAL) +3.42%, Alaska Airlines (ALK) +3.27%, United Airlines (NASDAQ:UAL) +3.01%, Southwest Airlines (LUV) +2.55%, and Delta Air Lines (DAL) +2.33% each gained altitude on Monday amid signs of an inflection in business travel. Meanwhile, Marriott (NASDAQ:MAR) +2.04%, Hyatt Hotels Corporation (H) +1.62%, and Hilton Worldwide Holdings (NYSE:HLT) +1.22% led lodging stocks higher and travel-tech names Expedia Group (EXPE) +1.24% and Booking Holdings (BKNG) +1.3% also marked a notable gain on Monday. Rounding out travel names ticking higher were cruise stocks aided by bullish coverage of Royal Caribbean (RCL) and casino names like Penn Entertainment (PENN) +2.52%, MGM Resorts International (MGM) +2.56%, Wynn Resorts (WYNN) +2.17%, and Caesars Entertainment (CZR) +2.97%.
About 90 minutes into the week’s trading, major indices like the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 each marked modest gains.
Elsewhere, homebuilder stocks like PulteGroup (PHM), Toll Brothers (TOL), KB Home (KBH), and Lennar Corporation (LEN) each gained sharply ahead of earnings reports from the latter two due on Wednesday.