The Commercial Real Estate Alpha Site

By Max Knoblauch via Sherwood News <— CLICK HERE for full article

Wall Street appears to have its doubts that people will keep up their “let’s order a taxi for a burrito” habits much longer.

Consumer discretionary was the worst sector in the S&P 500 on Thursday, and companies that largely rely on “fun money” experienced some notable sell-offs. DoorDashDASH $177.80 (-0.16%) posted its worst day since last May, closing down more than 7%. Delivery app rivals like Uber, Lyft, and Instacart were also down about 2% each.

Airbnb ABNB $134.67 (0.21%) fell more than 5% on the day, and travel peers Expedia and Booking also took a dive. Carnival CUK $17.93 (-5.38%) and fellow cruise companies also closed squarely in the red.

With layoffs surging to levels not seen in five years (largely led by DOGE cuts), investors are shying away from anything that relies on folks tossing around extra cash.