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Why American Eagle Outfitters, Avis Budget Group, and Groupon Stocks All Dropped 5% Today

Rich Smith, The Motley Fool
Why American Eagle Outfitters, Avis Budget Group, and Groupon Stocks All Dropped 5% Today

The five-day-long stock market rally took a breather on Tuesday, with shares of consumer-facing stocks including clothier American Eagle Outfitters (NYSE: AEO), rental car company Avis Budget Group (NASDAQ: CAR), and e-coupon hawker Groupon (NASDAQ: GRPN) falling 5%, 5.1%, and 5.3%, respectively through 3:30 p.m. EDT. There isn't, so far as I can tell, any particular news of note weighing on any of these three shares today -- no negative press releases, earnings warnings, or even analyst downgrades that would explain why American Eagle, Avis, or Groupon in particular should be suffering. What we do have, however, is a new report out from the Organization for Economic Cooperation and Development warning that coronavirus is continuing to depress the economy and threatens to drive unemployment levels up to the highest levels seen since the Great Depression -- and that unemployment won't return to pre-recession levels before 2022.