What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.

One busy day of trading down, four more to go until a long weekend! As investors raced to research CRISPR gene-editing and the latest news in the crypto universe, Wall Street was spinning on Monday. With all this chaos in mind, what did the stock market do today?

Street sign for Wall Street pictured in front of several American flags representing american stocks

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  • The S&P 500 closed higher by 0.23%
  • The Dow Jones Industrial Average closed lower by 0.44%
  • The Nasdaq Composite closed higher by 0.98%

So what did the stock market do today? Here are some of the top stories.

What Did the Stock Market Do Today? Cancel Flights.

It was a rough day for travel-focused equities like airline and cruise stocks. American Airlines (NASDAQ:AAL) lost 3.7%, while Carnival (NYSE:CCL) shed nearly 7%. At the heart of the declines is the reality that Covid-19 reopening will not be entirely smooth sailing.

More specifically, any reminder of how imperfect the pandemic recovery may be has shaken investor confidence. Take for instance what happened with airlines and cruise operators today.

To start, Royal Caribbean (NYSE:RCL) was the bringer of bad news to the cruise space. Over the weekend, two passengers on its Adventure of the Sea ship tested positive for Covid-19. Importantly, both passengers are under 16 years old and are unvaccinated. However, these positive tests are shaking confidence in the fact that cruises could resume at a normal pace. Plus, as cruise operators work to earn regulatory approval, any such stumble could hurt.

Up in the skies, passenger airlines are also having problems. Although not directly linked to Covid-19 cases, airlines are having a hard time hiring enough pilots. This is because a large number of current pilots must retire this year. Also hurting matters is the fact that many airlines passed recruitment during the pandemic. As InvestorPlace Assistant News Writer Brenden Rearick reported, some will fare better than others. The sector is prepping for a rocky landing as a result.

So what is the bottom line? Covid-19 recovery is largely happening quicker than expected. However, reports of the delta variant, supply-demand imbalances and unvaccinated consumers all present challenges to some of the hardest-hit companies. Investors bullish on the recovery story should hang on to their life vests and brace for volatility in the months ahead.

Hertz Is Ready for a Hot Vax Summer

Hertz (OTCMKTS:HTZGQ) is ready to party this summer… or at least exit bankruptcy. HTZGQ stock closed out Monday higher by more than 30% as investors prep for the company to exit bankruptcy as soon as this week.

More than a year after the company first sought bankruptcy protections, the courts have given Hertz the green light. With this in mind, Hertz is on track to exit bankruptcy as soon as June 30. When it does, it will have erased nearly $5 billion in debt off its balance sheet. It will also have $2.2 billion in liquidity.

As CEO Paul Stone said, Hertz will come out stronger than ever, ready to tackle new opportunities.

This new era for the rental car company comes just as American consumers are diving into Hot Vax Summer. Rental cars have been in huge demand, as customers travel for business and leisure for the first time in months. This leverage to the travel economy is exactly what hurt Hertz in the first place.

What Else We’re Watching

On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Sarah Smith is the Editor of Today’s Market with InvestorPlace.com.


Article printed from InvestorPlace Media, https://investorplace.com/2021/06/what-did-the-stock-market-do-today-3-big-stories-cruise-stocks-htzgq-stock/.

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