What Happened?
A number of stocks fell in the afternoon session after the latest University of Michigan survey revealed a sharp drop in consumer sentiment to its lowest level for the year.
The final March reading fell to 55.3, driven by mounting unease over personal finances following the war with Iran. This pessimism was particularly pronounced among middle and higher-income households. The report highlighted spiking concerns about higher gas prices and volatile financial markets. Furthermore, consumers' short-term inflation expectations surged, with Americans anticipating an average inflation rate of 3.8% over the next 12 months. This decline in confidence is a worrying signal for the economy, as it may lead to reduced consumer spending, which in turn could impact corporate earnings and overall economic growth.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Consumer Discretionary - Real Estate Services company Opendoor (NASDAQ: OPEN) fell 3.8%. Is now the time to buy Opendoor? Access our full analysis report here, it’s free.
- Consumer Discretionary - Casino Operator company PENN Entertainment (NASDAQ: PENN) fell 5.7%. Is now the time to buy PENN Entertainment? Access our full analysis report here, it’s free.
- Consumer Discretionary - Casino Operator company Bally's (NYSE: BALY) fell 6.2%. Is now the time to buy Bally's? Access our full analysis report here, it’s free.
- Consumer Discretionary - Footwear company Wolverine Worldwide (NYSE: WWW) fell 3.4%. Is now the time to buy Wolverine Worldwide? Access our full analysis report here, it’s free.
- Consumer Discretionary - Travel and Vacation Providers company Royal Caribbean (NYSE: RCL) fell 4.5%. Is now the time to buy Royal Caribbean? Access our full analysis report here, it’s free.
Zooming In On Bally's (BALY)
Bally’s shares are extremely volatile and have had 61 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 15 days ago when the stock gained 3.2% on the news that the stock's positive momentum continued as the company announced its fourth-quarter 2025 earnings and also revealed a major push into the North American lottery market with its partner, Intralot.
The two companies rolled out new brands for their lottery technology operations, launching as Bally's Intralot in the United States and Bally's Intralot CA in Canada. This venture combined Bally's digital platforms with Intralot's established lottery infrastructure, aiming to support future product development. Adding to the positive news, the Nevada Gaming Control Board voted to recommend licensing for Bally's Chief Financial Officer and Executive Vice President, Vladimira Mircheva. Final approval from the Nevada Gaming Commission was expected later in the month.
Bally's is down 36.6% since the beginning of the year, and at $10.56 per share, it is trading 45.8% below its 52-week high of $19.46 from October 2025.
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