Stock Market Update

[BRIEFING.COM] The major averages sit near session lows shortly after midday.

Booking Holdings (BKNG 172.82, -0.56, -0.32%) is trading roughly flat despite reporting Q1 EPS upside, as in-line revenue and a more muted outlook appear to be weighing on sentiment. Revenues rose 16.2% year-over-year to $5.53 billion, roughly in-line with expectations and a bit less upside than seen in recent quarters. The narrower-than-usual EPS beat, combined with in-line revenue and a cautious Q2 outlook, suggests that macro pressures—particularly the Middle East conflict—are creating near-term headwinds for global travel demand as we head into the summer travel season.

Airlines, cruise lines, and other travel-related names are among today’s laggards as the price of oil rises past $106 per barrel.

The iShares U.S. Home Construction ETF (-2.6%) is also considerably lower, as the surge in energy prices raises input cost concerns.