Airbnb Inc (NASDAQ:ABNB) shares are trading lower Monday alongside several other stocks in the broader consumer discretionary sector amid overall market weakness as a rise in bond yields weighs on stocks.
The U.S. 10-Year Treasury note reached new three-year highs last week before pulling back. It's moving higher again Monday, hovering around 2.86% at time of publication. The strength comes as investors continue to assess inflationary pressures.
Investors are also preparing to assess the financial impact stemming from the Russia-Ukraine conflict as a large number of companies are set to report earnings this week. COVID-19 concerns in China could additionally be impacting travel sentiment.
Airbnb operates the world's largest online alternative accommodation travel agency. The company also offers booking services for boutique hotels and experiences.
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ABNB 52-Week Range: $129.71 - $212.58
According to data from Benzinga Pro, the stock was down 2.36% at $166.67 at time of publication.
Photo: courtesy of Airbnb.
