Companies Assess Their Strength in Possible Downturn
Skift Take
The sell-off in stocks accelerated Friday after a failed attempt in the morning for a rebound: All three indexes fell.
The sell-off in stocks accelerated Friday after a failed attempt in the morning for a rebound. All three indexes fell nearly -6%, the DJIA down 2,231, Nasdaq down 963, and the S&P 500 fell 322 points. At least the 10-year treasury yield finally saw the 3% range again, down .07 to 3.99%. Lodging stocks continued to get hit, but the big declines slowed with only INN, PEB and SHCO showing double-digit percentage drops on Friday.
Truist reported on meetings held with Marriott management "as Rome continued to burn," as they noted. MAR said all this could (but not certainly would) lead to a recession, but it is not like they have not been through that before, and they are not predicting one or saying there won't be one. They just acknowledged what others were saying. They will give new guidance in their 1Q report, not pull guidance like everyone did during Covid and other times of uncertainty. W
