Hospitality Stockwatch – May 2024

Arun Upneja, Ph.D. MBA, Dean, Boston University School of Hospitality Administration
Steve Kent, Ph.D., CFA, Assistant Professor, Molloy University-School of Business

Winners and Losers 

This past month the market has whipsawed between the economy being too hot (inflation high) or that it is just right. A few months ago, investors assumed that interest rates would start to be lowered in late spring but started to question that supposition in April. However, in just the past few days some indicators suggested that inflation is taking a pause, and we could see a shift in rates before the heat of the summer. 

Even with an upswing in these past few days, the broader stock market indices were down in April (Dow Jones -2.8%, S&P500 -2.4%, and Russell 3000 -2.6%), reversing a strong start to 2024. Of the 17 subsectors only two, Assisted Living and Recent Travel SPACs, showed a gain in the past month. We would not read too much in the SPAC gains since it is bounce from extremely poor performance over the past 12-24 months. 

As we look toward May, June, and the balance of 2024, there is an increasing concern that the consumer may be slowing down as noted by during Q1 earnings calls by regional casino and restaurant companies. Business travel seems more robust with less concerned commentary. 

New & Improved Monthly Tables 

We have made some changes to our monthly tables. The summary tab is now color-coded between shades of red and green. The lowest numbers in each column are bright red while the highest number are bright green.  The variance in the numbers is illustrated by the shaded areas. 

We thought this would be helpful in a couple of ways. First, it clearly illustrates which subsectors are top or bottom in each category. It also highlights anomalies such as the remarkably high average dividend yield for airlines (8.4%).  One stock, Spirit, is raising the average significantly as the share price has dropped dramatically while the historic dividend remains unchanged. 

Feedback and comments are always appreciated. Email us at 

Click here to download Hospitality Stockwatch – Current as of May 5, 2024

View previous Hospitality Stockwatch Issues