Stock Market Winners & Losers: Stocks Slide as Tesla and Alphabet Disappoint | There’s Too Much Tourism
Stocks fell as investors were disappointed by reports from Alphabet and Tesla. Alphabet beat earnings expectations, but YouTube advertising revenue was weak. Tesla shares dropped 12% due to ongoing pressure in its auto business and anticipation for AI, robotaxis, and autonomous driving.
Despite these setbacks, earnings season overall is strong, with over 25% of companies reporting and 80% exceeding expectations.
Popular global destinations are struggling with a surge in tourism, driving up prices, polluting cities, and damaging historical sites. About 80% of travelers visit just 10% of the world's destinations. Global tourists are projected to reach 1.8 billion by 2030, up from 1.5 billion in 2019. For example, the number of hotels in Barcelona has quadrupled since 1990.
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