New York, January 14, 2026, 20:52 EST — The market has closed.
- Booking Holdings shares dropped 2.4% Wednesday, marking their third straight day of losses.
- Shares in travel rivals Expedia and Tripadvisor dipped, with Trip.com’s U.S.-listed ADRs plunging 17%.
- Traders are eyeing the fallout from shifts in U.S. immigration policy and increased regulatory focus on travel platforms.
Booking Holdings Inc shares slipped 2.4% on Wednesday, closing at $5,187.02. This marked their third day of losses, though they still outperformed some rivals in the travel sector. Expedia Group shares dropped 3.1%, Tripadvisor fell 7.1%, and Trip.com Group’s U.S.-listed ADRs plunged 17.1%. 1
Selling matters now since travel stocks have become a barometer for policy risk tied to cross-border movement, beyond just consumer demand. Investors also worry regulators might crack down on fees and market dominance at online travel platforms.
Booking finds itself caught in the middle of these forces. It sells hotel nights and other travel services internationally, so changes in consumer mood quickly affect its booking trends and advertising budgets.
China’s market regulator has launched an antitrust probe into Trip.com, citing suspected monopolistic behavior but offering no specifics. Authorities warned that firms violating the anti-monopoly law could be hit with fines ranging from 1% to 10% of their previous year’s revenue. Trip.com confirmed it is cooperating fully. 2
The Trump administration announced it will halt immigrant visa processing for applicants from 75 countries beginning Jan. 21, as the State Department reviews procedures aimed at blocking potential “public charges” from entering the U.S. A spokesperson clarified that visitor visas remain unaffected—key as the U.S. prepares to host the 2026 World Cup. 3
New tourism figures deepened concerns. Despite a 6.7% rise in global tourism spending, the U.S. saw a 6% decline in foreign visitors in 2025, industry data shows. WTTC’s interim chief Gloria Guevara pointed to U.S. anti-immigration policies as a factor driving travelers to Europe and Japan. 4
Wall Street slipped on Wednesday, dragged down by the Nasdaq as investors sought safety amid mixed big-bank earnings and new economic reports. The broader market offered little support. 5
Policy headlines pose mixed signals for Booking. The U.S. visa pause focuses on immigrant visas, not tourist travel, and with a global customer base, the company can absorb shocks from one country. Still, stricter screening and additional restrictions could drag down travel overall or hit consumer confidence ahead of the spring booking season.
Thursday’s session will hinge on whether travel stocks find footing after Trip.com’s drop and if new details surface about the U.S. visa pause rollout. The next key date is Jan. 21, when the suspension is set to begin.
