Boating Shares Suffer in Market Selloff
Adobe Stock
Shares in major recreational boating-related companies tumbled along with most U.S. equities yesterday.
The Dow Jones Industrial Average declined more than 1,000 points in its worst single day since 2020. The Wall Street Journal reported that the selloff was triggered by earnings reports from major retailers that stated that the steepest inflation in four decades is eating into profit margins.
The Dow lost 3.6 percent yesterday, and the S&P 500 retreated 4 percent, also seeing its largest single-day percentage decline since 2020. The Nasdaq Composite dropped 4.7 percent.
Recreational marine companies fared even worse. Malibu Boats shares fell 8.74 percent, Brunswick Corp. was down 8 percent, and Polaris lost 7.86 percent. Marine Products Corp., the parent of Chaparral and Robalo, was down 5.32 percent, and MarineMax was down 6.79 percent.
European stock markets, U.S. futures and crude oil prices were all lower this morning. The Wall Street Journal reported that investors have become more worried that efforts to battle inflation may bring a recession.
