Airbnb Inc (NASDAQ:ABNB) shares are trading lower Monday alongside several companies in the hotel, restaurant and leisure space amid overall market weakness as stocks continue to sell off following worse-than-expected May CPI data.
Inflation accelerated again in May as the headline CPI rose 8.6%, up from 8.3% in April and above average economist estimates of 8.3%. Core inflation, excluding food and energy prices, was up 6% in April, which was also above economist estimates of 5.9%.
An increase in U.S. Treasury yields has also weighed on the broader market. Higher rates decrease the present value of future cash flows, which can negatively impact the valuations of stocks. The 10-Year Treasury yield was hovering around 3.33% at press time.
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Airbnb is the world's largest online alternative accommodation travel agency.
ABNB Price Action: Airbnb is making new 52-week lows on Monday.
The stock was down 8.07% at $100.12 at press time, according to data from Benzinga Pro.
Photo: PublicDomainArchive from Pixabay.
