Casino Stocks Were Flying, Now They’re Flirting With Bear Market

Casinos were ripping through the first half of the year as relentless consumer spending sent demand for everything from concerts to blockbuster films soaring. On July 18, the S&P Composite 1500 Casinos & Gaming Index set a 52-week high and was up over 28% for the year compared with a 19% gain in the S&P 500 Index.

“There’s going to be weakness for that low-end customer with credit card and student loan payments,” Beynon said, also noting that the third quarter is packed with revenue-driving events such as China’s Golden Week holiday and the Formula One race in Las Vegas. “Maybe that is the catalyst for people to learn that the third quarter is OK and the sky is not falling,” he says.

“Anybody who really wants a job can get one,” Samana said, “and if you can use that job to fund your vacation or pay the interest on your credit card, I think people are still out there spending.”Concerns of consumer weakness aren’t confined to the US, with Macau-centric names like Las Vegas Sands and Wynn Resorts Ltd. seeing declines over the past few months.

Argentina Últimas Noticias, Argentina Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Hedge funds using algorithms to sell up to US$30-billion of stocks soon: UBSBank predicts significant move after moving away from bullish stance
Fuente: globeandmail - 🏆 5. / 92 Leer más »

Hedge funds using computers to sell up to $30 billion of stocks soonHedge funds using computers to trade equities are expecting to start selling to the tune of $20 billion to $30 billion in the next two weeks given retreating stock markets, a UBS note seen by Reuters shows. The bank anticipates as much as $30 billion of outflows will soon hit markets, potentially exacerbating the downward move in shares, as these hedge funds start selling stock to follow the recent negative performance. This will be the first time these hedge funds will be net short equity markets since November 2022, the bank said.
Fuente: YahooFinanceCA - 🏆 47. / 63 Leer más »

The most oversold and overbought stocks on the TSXA look at equities with price momentum in both directions
Fuente: globeandmail - 🏆 5. / 92 Leer más »

Beyoncé concert film announcement sends AMC, IMAX stocks higherConcert films are one way cinema chains are filling in the rest of the year's blockbuster slate following the Hollywood strikes.
Fuente: YahooFinanceCA - 🏆 47. / 63 Leer más »