U.S. Businesses Pare Back Travel Restrictions
Skift Take
- The DJIA was up 338 points while Nasdaq was up 97, the S&P 500 was up 42 points, while the 10-year treasury yield was down nearly .02 to 4.00%.
- Evercore ISI Group upped its rating on DiamondRock Hospitality to Outperform from In-Line.
- US Travel’s latest Business Travel Tracker finds American companies increasingly paring back pandemic-era restrictions on business travel
The DJIA was up 338 points while Nasdaq was up 97, the S&P 500 was up 42 points, while the 10-year treasury yield was down nearly .02 to 4.00%. Lodging stocks were modestly higher. SOHO led the group, up 7% while INN was up 5%.
Evercore ISI Group upped its rating on DiamondRock Hospitality to Outperform from In-Line.
US Travel’s latest Business Travel Tracker finds American companies increasingly paring back pandemic-era restrictions on business travel amid developing storm clouds in the form of persistently high inflation and a looming recession. Many companies slashed their business travel budgets during the pandemic, but less than half still have policies in place restricting it. The U.S. Travel Association’s forecast projects that business travel’s growth cannot be sustained in the long term, leading to a decline in the coming quarters. JPMorgan Chase cautions that very, very serious headw
