Market Surges and Airbnb Lawsuit
Skift Take
- Market surge: DJIA and Nasdaq experience significant gains, with the DJIA surging 701 points and the stronger-than-expected jobs report contributing to the rise.
- Airbnb lawsuit: Airbnb files a lawsuit against New York City over a new law that the company claims will limit short-term rentals and make it more difficult for hosts to do business.
- Hotel openings and acquisitions: Several hotel brands announce new openings and acquisitions, including WoodSpring Suites, Sonesta, and Margaritaville, expanding their presence in different cities and states.
June is coming in like a lion with the second day even better than the first in the markets with the DJIA surging 701 points on an actual economic report. The stronger-than-expected jobs report also helped Nasdaq rise an additional 140, the S&P 500 was up 61 points and the 10-year treasury yield was up .08 to 3.69%. Lodging stocks were higher led by surging REITs. SLNA was the biggest percentage gainer, up 28% but what was more important is they closed above $1 bid, something they need a few days in a row of to avoid getting a delisting notice. AHT was up 11%, SOND was up 10%, while RHP, SVC, CLDT, PK, HT and HGV were all up 6% on the day.
Airbnb filed a lawsuit against New York City over a new law it called a “de facto ban” against short-term rentals set to go into effect in July, which the company says will limit the number of people who can host rentals in the city. The law, according to the filing, will
